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Crypto dives big – The News Herald

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Just before the recent election, a major player in the world of cryptocurrency collapsed. When I say major, I mean a firm that had numerous famous spokespersons, owned the naming rights to a stadium in Miami, and was one of the largest political donors in the recent midterm elections.

The company was run by a highly educated former Wall Street “whiz”. The crypto company filed for bankruptcy and it is estimated that there may be more than a million creditors. Good luck collecting, especially since cryptocurrencies lack regulatory oversight. It’s a line no one wants to be in and I wouldn’t hold my breath waiting to get paid.

For years I have been warning investors that the world of cryptocurrency is essentially the Wild West when it comes to guidance and regulation. This is just one of the many reasons why I have viewed the world of cryptocurrency more as speculation than investment.

I can assure you that in the coming months we will hear story after story of people who lost their life savings. Those people really had no reason to invest in something so speculative. And I mean people from all walks of life. Even several major Wall Street players were duped.

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