Results aren’t living up to expectations for a quick recovery, following last month’s collapse of the cryptocurrencies tied to the failed Terra blockchain.
Bitcoin was supposed to be a hedge against inflation — a new currency not tied to a central bank’s printing press. Turns out … nah. At least not yet.
“This stuff is high-growth technology. It is not an inflation hedge,” said Leigh Drogen, head of Starkiller Capital.
Crypto is behaving like high risk tech stocks, so when those take a punch, down goes bitcoin. Plus, last year an army of novice investors plowed cash into crypto. And now, “the casino isn’t as interesting today as it was then,” Drogen said.
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