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Crypto’s gold standard claims are fading fast | Nils Pratley

Bitcoin and its ilk have slipped deeper alongside the market appetite for risk. Just look at the Nasdaq

The US-focused shakeout in financial markets has at least given us clarity on one point: bitcoin is not “digital gold” or a “store of value”, to mention two grand claims made about the cryptocurrency when its price was going up.

At $37,000, the late-afternoon level on Tuesday, bitcoin has fallen by 22% since the start of January and by 45% since recording an all-time high in early November. The crypto crew may have convoluted explanations for this setback, but the simplest one is best: bitcoin has always primarily been an instrument for pure speculation; when high-risk assets are out of favour, it will be clobbered.

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from US news | The Guardian https://ift.tt/1Zwv3jN