Crypto, shmypto

As I've said before, cryptocurrency isn't money, in the sense that it isn't a store of value. Cryptocurrency is more like a collectable (tulip bulbs, art work). At least with stocks (pace Twitter), you're investing in a real company with real assets. And the dollar is still backed by the full faith and credit of the US, at least until the GOP takes over the House in January. Cryptocurrency is entirely virtual and backed by vapor.

OTOH, crypto is still a miniscule part of the total economy, so the fact that it lost tens of billions (with a b) in supposed value doesn't mean much in the larger scheme.

"Total crypto AUM is down two-thirds over the past year and currently amounts to about $20 billion.

"Give or take a bit, AUM for normal assets (i.e., money) comes to about $110 trillion, with a T. This means that crypto accounts for ~0.002% of all assets under management worldwide.

"If you're wondering why nobody on Wall Street seems to care much about the collapse of FTX, this is the reason. To them, $20 billion is a rounding error, not a catastrophe."

https://jabberwocking.com/crypto-assets-fall-14-5-in-november/