The market has plummeted and the bottom of the fall is not in sight. But the markets, especially the cryptocurrency market, have always been very volatile.
This may be because it is still a very new industry, which is so young and has, no doubt, many lessons to learn in terms of value, risk management, greed management, liquidations, profit-taking, hacks, and so on.
It may also be due to its own dynamism, which makes it easier and faster for money to flow in and out. After all, it should not be forgotten that it is a disruption of the banking system and of money itself, no less.
But perhaps the reproaches should be put into perspective, as after hundreds of years of experience traditional finance finds itself with sky-high inflation, all markets – not just crypto – falling, chances of recession, and the banking system still excluding millions of people.
One wonders if at this moment the millions excluded from the banking system who need to protect their income or who can generate an income in the digital economy that can be decisive for their family finances are thinking about opening an account with a broker or are convinced of the future value of the crypto world since they received their 1st dollar in an instant through some cryptocurrency.
But anyway the value can not only be seen there but also in the more sophisticated infrastructures, as attested by the news that includes financial industry giants that are investigating or are putting together their crypto teams such as JP Morgan, Goldman Sachs, Morgan Stanley, Bank of America, Blackrock, Deutsche Bank, Wells Fargo, Citigroup, Capital One, Barclays, Credit Suisse, UBS, Bank of America and BNY Mellon.
For those of us of a certain age, we can attest to what we experienced when we sent our first e-mail and how we felt about postal mail, or the landline phone after using our first cell phone.
The last time I experienced that was… when I was sent via blockchain my first dollar in a cryptocurrency. I still have that dollar.