Since the beginning of this year, the dollar values of cryptocurrencies have collapsed. The two leading cryptocurrencies, Bitcoin and Ether, collapsed most spectacularly, losing up to 70% of their dollar value, and it appears that the retail investors are also the ones who got hurt the most.
It is abundantly clear by now that cryptocurrencies have utterly failed in their purported function as money… And the fact that cryptocurrencies continue to define their value in dollar terms underscores how useless they are as a unit of account.
Eulogy made by Nouriel Roubini
