2022-11-25 14:30:01

Op-ed: Cryptocurrency isn't a smart investment and hasn't been for a while

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CNBC
By Taimur Hyat

Key Points

  • Cryptocurrencies are suffering from a spectacular fall from grace and are now drawing increasing regulatory scrutiny and investigations around the globe.
  • A lack of clear and uniform cryptocurrency regulation both within and across countries creates tremendous uncertainty for long-term investors.
  • Cryptocurrencies have failed to demonstrate either safe haven or inflation-fighting properties and are also problematic from an environmental, social and governance perspective.

Boonchai Wedmakawand | Moment | Getty Images

The collapse of FTX, one of the world's largest crypto exchanges, has rippled through the world of digital currencies.

Once valued at $32 billion, FTX filed for bankruptcy protection and founder Sam Bankman-Fried resigned as its CEO after reports alleged that the company had loaned billions of dollars in customer funds to his own trading firm, Alameda Research. This has fueled a flurry of withdrawal requests across platforms as investors braced for possible contagion.

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