The youthful, handsome and hipster president of El Salvador — who sports a close-cropped beard and gets about in baseball caps turned backwards — has copped a great deal of flak from global monetary authorities and raised eyebrows even amongst his neighbours.
That was made worse by Mr Bukele, sometimes described as the "world's coolest dictator", and his decision not only to buy a large pile of the digital currency last year, but to continue throwing the impoverished nation's finances at it even as the price tanked. Instead, the plans — which have been engulfed in a firestorm as digital currencies have cratered and El Salvador's $100 million bet has more than halved — have become emblematic of the rapidly unwinding fantasy that underpins the crypto world.
. . Crypto is nonsense. Crypto has no value. Crypto is an investment strategy that requires you to think there is someone dumber than you. .
The crypto market is highly volatile just like internet was when first introduced and majority of crypto's will die which is normal but crypto is a part of the future .Don't believe the fearmongers' like the writer of this article. do your research before investing.
The crazy money printing spree from banks around the world has created the inflationary problem current hence interest rates are rising not your fanciful claims of crypto bringing down other markets . Your lack of understanding or deliberate lack is disappointing
Crypto responds to US stock market pretty closely. Not the other way around. The tail doesn't wag the dog. Crypto investors hoped for the inverse, that crypto would be a store of wealth when markets fell. Would be nice, but alas most of the same fundamentals are just mirrored.
All markets are on a downtrend because of inflation and other macro pressures so to link crypto falling prices to pushing down stocks is a complete falsification. Not sure why this article published other than to create fear for owners of crypto in Australia