FTX will hurt us all
The negative wealth effect of crypto will hurt even the people who stayed away
We seem not to care about things that don’t directly affect us. The collapse of FTX has been in the news for the last week and prior to that there were of course, the outrageous stories of crypto, NFTs and I don’t know what else.
I need to understand stuff that I invest in. I don’t understand these things too well and therefore, I’ve stayed away.
But, staying away is just half the battle. If we think that by not getting into crypto and NFTs, we are safe. We need to think again.
The negative wealth effect of crypto may have put far more people into poverty than we can fathom. It has the ability to wipe out generational wealth and cause ripples in the economy as a whole.