‘They couldn’t even scream any more. They were just sobbing’: the amateur investors ruined by the crypto crash

Fuelled by hype and hysteria, the market in bitcoin and other cryptocurrencies went from an obscure niche to a $3tn industry. Then the house of cards collapsed

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Hasnain says:

“But it seems likely that, just as in the 2008 financial crash, the bad-faith actors who exacerbated this meltdown will walk away unscathed. What’s more, many of the investors who bought into the cryptocurrency boom did so to claw back security after a decade racked by recession and uncertainty. Koh was one of those. “I was lucky to keep my job, but I was really angry at the suits, at the bankers, at the high‑bonus people,” he says. “The whole space of crypto was about giving normal people the option to gain the upper edge in society financially. It was a beacon of hope. We could ride the next big thing. But that beacon of hope has been put out for now. The trust has been broken. Yet again, sitting here, in decade number two, the bankers have won again.”

Future generations may look back at this boom as a period of mania, when money multiplied like bacteria and a collective delusion gripped financial markets. It may seem unfathomable, but it shouldn’t. After all, who doesn’t want to be rich?”

Posted on 2022-07-12T23:18:50+0000