…Most crypto-fanatics have dropped almost all pretense of cryptocurrency being anything other than chips in a global-scale casino, good for building (or losing) paper fortunes, but little else.
…Even if it does not amount to much in a practical sense, what Turkey’s move does represent is another nail in cryptocurrency’s coffin. Those nails have been hammered in at an accelerating pace; China has had a ban on Bitcoin trading in place since 2017, Nigeria banned cryptocurrencies in February this year, and India is preparing to impose what will be one of the world’s strictest bans on cryptocurrencies, including fines on those trading and holding assets…
… Increasing government crackdowns haven’t pushed crypto markets to the tipping point yet, but they will, and the volatile nature of the market is such that no one will see it coming. The resulting crash will make the Tulip Mania look cute by comparison.
Eulogy made by Ben Kritz