Were the cryptocurrency haters right ?
The specter of the crash has exhausted the cryptocurrency market during 2022, and the “fear index” is dominating the atmosphere of traders, although these currencies have gone through many crises during the previous years, but they have witnessed severe and repeated collapses during the current year, the last of which was what happened with the FTX platform, which It faced a shortfall of about $8 billion to meet withdrawal requests.
These collapses, which showed the possibility of billions of dollars evaporating in hours, brought to mind previous warnings issued by some of the most important veteran businessmen, who expressed their hatred for cryptocurrencies, most notably the billionaire Warren Buffett and founder of Microsoft, Bill Gates, who warned that the assets of currencies The code is overvalued, and contains a lot of fraud.
So did all these events prove that the crypto-haters were right?
Cryptocurrency expert, Rudy Shoshani, said in an interview with the “Sky News Arabia” website, that it cannot be said that the individuals who expressed their skepticism about the idea of investing in cryptocurrencies are not right, noting that these people are talking about a reality that is happening, which is not possible. Deny it, given the manipulation we are seeing in the cryptocurrency market.
But Shoshani mentioned that the cryptocurrency market witnessed major collapses over the past years, especially in 2014, when investors lost billions of dollars, stressing that the market was able every time to correct itself, and regained its balance by overcoming the difficulties and collapses, expecting this to be repeated now and therefore It should not be generalized that investing in cryptocurrency is a bad thing overall.
For his part, CFI financial market analyst George Khoury said in an interview with “Economy Sky News Arabia”, that the main problem that those who reject cryptocurrency as an investment complain about is the way they operate in the market, which is far from rules and regulations, which makes the situation open to all. All possibilities.