Everyone thinks of bitcoin when talking about cryptocurrencies, but the crypto world and its derivatives (from different cryptocurrencies to other more complex products via so-called stablecoins) is much broader and more confusing. Last week, this erratic market, described by some as a pyramid scheme (Ponzi scheme), suffered a collapse that caused the value of these assets to drop by $200,000 million worldwide, causing concern among investors and anxiety among monetary authorities.
To instill this promise, nothing better than reading David Golumbia’s book The Politics of Bitcoin a few years ago, which unfortunately was not published in Spanish. The investment in these values, the galloping of Elon Musk’s tweets, and the government’s promise of non-intervention have popularized the idea that you can live without working with bitcoins. There are those who choose to bring and wear masks from everywhere, there are those who choose to live from the speculative casino courses taught by so-called professionals at a golden price.
Aside from the individual problem that the loss of their savings represents for thousands of people, unaware of the warnings about the risk and volatility they are taking on by putting their money into opaque and unregulated markets, the possible collapse of the crypto world could have serious consequences. repercussions for the financial stability of the entire system. In one of its most recent reports, the Bank of Spain issued a strong warning about this possibility, estimating that investment from Spain in all types of cryptocurrencies is around 60,000 million euros.
It is shocking to read desperate tweets that reflect an ultra-liberal system that is allergic to government intervention, now calling for investors to unionize or even private losses to be compensated. Ideology works as long as you don’t suffer in your own body the consequences of the absence of public officials in the role of umpire on a playground that looks more like a forest than a grass field. Monetary authorities around the world are taking the time to intervene to put all this in order, offering investors ample information and the usual guarantees. To command is not to limit, to intervene is not to prohibit. As someone on the network remembers, until now this world has been characterized by enriching a handful of smart men. There is nothing new under the sun.
Source: Informacion
Barbara Dickson is a seasoned writer for “Social Bites”. She keeps readers informed on the latest news and trends, providing in-depth coverage and analysis on a variety of topics.