My longtime friend and financial expert, Tom Vartanian, just published a very important and piece in The Hill on the potential dangers in allowing crypto currencies to continue operating throughout the world, including the US, without appropriate government oversight and regulation. Like Tom, I believe it is past time for Congress to hold hearings and to begin considering potential legislation/regulation. I urge you to read Tom’s article published in The Hill and become involved in the discussion.
What exactly is cryptocurrency? Is it secure? Should I invest in it? We’ve all heard and been asked these questions. The most recent thefts of $600 million of cryptocurrencies from the non-fungible token (NFT) gaming company Axie Infinity and $182 million from the algorithmic stablecoin Beanstalk adds to the questions. Perhaps that is part of what caused a 20 percent decrease in crypto stocks and a 60 percent decrease in crypto-focused companies in the first quarter of 2022. The algorithmic stablecoin TerraUSD lost no time in “breaking the buck” and causing fear and dislocations in the stablecoin market just this month.
But hype continues to overwhelm common sense, and fundamental stability questions about cryptocurrency go unanswered. Crypto is simply too cool to question. As TV commercials featuring Larry David suggest, it is old-fashioned to disbelieve in cryptocurrency’s bright future.