The current crash has killed the dream of a new monetary era
Only a few months ago, crypto advocates were making wild proclamations about a looming monetary revolution. Bitcoin would reach $100,000, $500,000, maybe even $1,000,000, granting holders “financial freedom,” while VCs on social media touted NFTs (non-fungible tokens) as a rebellious alternative to dubious subprime-era CDOs — pools of risky loans packaged together and sold on to investors. What could go wrong?
Everything, as it turns out.
