Last week's bitcoin crash someone had to sell. One needle to the balloon of crypto was cryptocurrency. Last year itself, a 75 per cent drop in its prices was recorded. Remember, there was a time when bitcoin was said to be more valuable than gold or the US dollar. The condition of other cryptocurrencies is even worse. Many of them fell 80 to 90 per cent in a single year. Some have already been destroyed. Most of the people who have invested in cryptocurrencies have suffered huge losses. FTX also fell heavily last week. It is one of the largest crypto exchange in the world. The reason for the cache was large scale alleged irregularities. Such as improperly using customer deposits to purchase the company's own cryptocurrency FTT Token. FTX CEO Sam Bankman- Fried has apologised. At the same time, FTX has spoken of declaring bankruptcy, which has wiped out its value of $ 32 billion. FTX's customers, employees and creditors as if vanished. It was a coincidence that FTX was one of the sponsors of the recently concluded T20 World Cup.

It needed no purpose or utility in itself. The bubble has burst. Did you really want to hand over your lifetime's worth of money to some guy sitting in the Bahamas who has no control? Crypto is not coming back.

Despite this, how did she boom! Between March 2017 and March 2021, there was an increase of 5,500 percent in crypto. Instagram was filled with crypto-millionaires who were buying yachts and Lamborghinis. Articles were being written talking about this new asset class. Crypto was touted to be far more ethical and transparent. Governments could not print them like notes. It was being said that if God had a currency, it could be crypto. For this reason crypto caught the attention of millions of people. Bitcoin became mainstream. The media started following him. Everyone in the finance market has a crypto-view or crypto strategy. It was difficult to doubt it then.

When the author of these lines spoke on the dangers inherent in crypto, he was mercilessly trolled. There was so much money coming into crypto that they had to create intermediary firms that called themselves exchanges. These were really speculation casinos. None of these were regulated, yet people trusted them and invested money. Thugs took advantage of the craze for crypto and thousands of currencies were launched. Celebrity brand ambassadors were fielded. Terms such as HODL (Hold on for Dear Life) were coined, which meant never to sell the currency, no matter how far the market fell. one of the So we can assume that crypto is game over now. But it would be interesting to investigate how it became the world's largest plant. It's also a lesson for humans in how easily we can be fooled. The warnings were already being given. Warren Buffett had said that he would not buy the entire world's bitcoin even for $25. Since it is of no use, to get rid of itThose who had put their everything at stake in this, are sitting empty handed today. In these ways, crypto communism works. The kind that promises decentralization