Results arent living up to expectations for a quick recovery, following last months collapse of the cryptocurrencies tied to the failed Terra blockchain.
Bitcoin was supposed to be a hedge against inflation a new currency not tied to a central banks printing press. Turns out
nah. At least not yet.
This stuff is high-growth technology. It is not an inflation hedge, said Leigh Drogen, head of Starkiller Capital.
Crypto is behaving like high risk tech stocks, so when those take a punch, down goes bitcoin. Plus, last year an army of novice investors plowed cash into crypto. And now, the casino isnt as interesting today as it was then, Drogen said.
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