Financial Times Commentary on Crypto Assets

Financial Times: “The value of global crypto assets reached $4tn for the first time this month…Crypto’s achievement is astonishing given that it is devoid of intrinsic value and its contribution to the productive economy is minimal…Its chief utility appears to be to enable payments by criminals and to scammers…stablecoins are vulnerable to panic runs similar to bank runs because they hold illiquid assets while promising a fixed redemption value…But leave it to madcap gamblers, money launderers and fraudsters to diversify into crypto. Yes, you will miss out for awhile in today’s manic pro-crypto climate. But in due course the crypto losses will be crushing.” https://ft.com/content/4d2d9599-897c-4382-b1a7-8c25029e5dbc