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Chetan Bhagat is a bestselling author and a popular newspaper columnist.
Bitcoin, the original cryptocurrency, the gold standard for all things crypto, crashed last week. Bitcoin prices fell a whopping 75% in the last year, or down to a fourth of its value. This, for something touted to be a better store of value than gold, US dollars or any other fiat currency or precious metal.
Other cryptocurrencies have done worse. Many are down 80-90% in a year, some completely wiped out. Most investors in crypto are now sitting on losses. FTX, one of the big crypto exchanges, where people come to trade and store their cryptocurrencies, also collapsed last week. This was due to massive alleged irregularities, including customer deposits being inappropriately used to buy and prop up the company’s own issued cryptocurrency, the FTT token.
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