OpEd: 'Investing in crypto is often hawked as a get-rich-quick plan, but many argue that it’s an unsustainable pyramid scheme.'
will make a lot of money. Those that come in too late and leave too late will take a beating.
Bitcoiners often counter that there is an intrinsic value to bitcoin as the “money of the future.” Further, its worth will hold steady, they say, because a cap on the amount of tokens that can ever be created is built into bitcoin’s programming. But bitcoin, and even less so other digital tokens, has not and cannot effectively function as currency due to the volatility of its value and the logistical impracticalities associated with transactions.
Multimillionaires may feel fine about throwing money at a digital casino, as they leverage social clout to get others in on the game and pad their winnings. They might even stand losing a cool million here or there. But for most people, putting their savings into crypto is more likely to result in losing their shirts, homes, or worse. This has already happened to people in droves.Lastly, some crypto promoters argue that there’s more to crypto than “number go up.
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