In the least surprising news story of the year, Bitcoin prices have crashed (again). The Crypto craze may have reached the mainstream, but the unproven market is as volatile as ever. For Crypto Bro traders in the year of our lord, 2022, there is only one constant in the Bitcoin market — diminishing returns.
In the last week alone, the crypto market has lost about $1.3 trillion in market capitalization. That’s equal to about 6% of the entire GDP of the US. Ouch. As it turns out, billions of nothing have disappeared, leaving the tears of Crypto Bros as the only tangible asset in their losses. The latest iteration of the so-called “Crypto Winter” was foretold by some experts, but that didn’t stop Crypto Bros around the world from peddling an unproven and unregulated technology.
According to economist Paul Krugman, a Nobel Peace Prize winner and longtime crypto skeptic said that he is seeing “uncomfortable parallels” between the modern Crypto market and the fall of the 2008 housing market. Ironically enough, Krugman said the risks of the crypto collapse are “disproportionately on people who don’t know what they are getting into and are poorly positioned to handle the downside.” You don’t say.
The funny thing about the current crypto craze is the number of celebrities and influencers who are peddling this new technology as “the future”. In reality, it’s just another Ponzi scheme for those in power to get rich quick on the backs of unsuspecting investors. As Matt Damon would say in his god-awful crypto.com ad, “Fortune favors the brave.” Although, it seems that “the brave” in this instance are people who were smart enough not to invest in an unregulated market. After all, Cryptocurrencies are still a relatively young technology that not many people fully understand, so this should come as a shock to no one.
Cover Photo: Getty Images
Entertainment News 1 15 21
-
Megan Fox Engaged to Machine Gun Kelly in One of the Weirdest Instagram Proposals Ever (We Wouldn’t Expect Anything Less)
Read more here.
Photo: Instagram
-
Mandatory Tweets: Reese Witherspoon’s Take on NFTs, Crypto and Metaverse Is Not a Popular One on Twitter (And We’re Loving It)
Read more here.
Photo: Axelle/Bauer-Griffin/FilmMagic (Getty Images)
-
Ina Garten Hilariously Claps Back at Reese Witherspoon’s Healthy Habits, Nails Our 2022 Resolutions in a Single Spot-On Comment
Read more here.
Photo: Daytime Emmy Awards 2021 / Contributor and Matt Winkelmeyer / Staff (Getty Images)
-
Leonardo DiCaprio Has Tree Named After Him, How They Missed ‘Treenardo DiCaprio’ Is Beyond Us
Read more here.
Photo: Jemal Countess (Getty Images)
-
Mandatory Tweets: The Weeknd Song Drops Major Hints He’s Hooking Up With Angelina Jolie (Do You Buy It?)
Read more here.
Photo: Leon Bennett (Getty Images)
-
‘The Batman’ Releases Official Images of Riddler and Penguin, Proving Money Is Tight For Everyone Right Now
Read more here.
Photo: Warner Bros.
-
‘Bel-Air’ Trailer Features Return of the Fresh Prince, We Swear This Is Not a Parody (It’s Not a Parody, Right?)
Read more here.
Photo: Peacock
-
Meanwhile in Marvel: Bill Murray Confirms He’s A Bad Guy in ‘Ant-Man 3,’ We Weren’t Aware Wes Anderson Was Directing That One
Read more here.
Photo: Kate Green / Stringer (Getty Images)
-
Clay Aiken Running For Congress (Again), Clearly Needs Infectiously Terrible Campaign Jingle
Read more here.
Photo: Jeffrey A. Camarati / Stringer (Getty Images)
-
Our 13 Favorite Ricky Gervais Funny GIFs in Time For ‘After Life’ Season 3
Read more here.
Photo: Netflix
