If you were into cryptocurrency back in the day when it was a new concept, and there was only Bitcoin, the pioneer in this new financial design, then you might have been shocked with its price as it was not even $1.
However, the current price is a whole other story; this is the same cryptocurrency from back in the day that managed to score more than $65k before returning back and, as of today, settles around $40k. But have you ever wondered what makes the price of cryptocurrency tick and why this section of financial investment is too costly for more than 90% of people?
Barry Silbert, the CEO of the Digital currency group, recently lashed his critical views about cryptocurrency in a series of tweets. The main takeaway from his tweets was that about 99% of the cryptocurrencies are overpriced, which makes it impossible to discard the speculative nature of crypto investment and making it a bad investment opportunity in the long run for minimalist traders.
The Crypto Market is not the Same Investment Vessel as the Stock Market, says Silbert
The crypto market is the most volatile investment medium as the market literally tips to either completely bullish or bearish, and that is not healthy for a market of this size and capacity. Barry has also debunked the thoughts of various crypto enthusiasts that how the traditional markets such as forex and stock are going to be over sooner than later as crypto dominance will take them over. Recently enough, the S&P 500 index has managed to score an all-time high despite extensive sheets of data suggesting otherwise.
This shows that if you are using the stock market as your investment vessel, you might still make something out of it, unlike the crypto market, where you either make it or break all of the money you have just invested. So, the claim that about 99% of the cryptocurrencies are overpriced is not entirely wrong as it holds some facet of truth along with it.
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