Stephen Diehl: Crypto is the «commoditisation of populist anger, gambling and crime»

«Cryptocurrency is a giant scam, although a complicated scam … » So begins Stephen Diehl’s diatribe against the crypto industry.

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Stephen Diehl’s book, «Popping the Crypto Bubble», traces Bitcoin’s emergence during the global financial crisis to the post-2016 crypto gold rush, which he refers to as the «Grifter Era». He argues that crypto is slow and unreliable. It cannot be both a great investment, which goes up and up, and a viable currency, which offers stable value. He argues that crypto assets’ price is based largely on there being an even greater fool who believes the hype.
Stephen Diehl’s book, «Popping the Crypto Bubble», traces Bitcoin’s emergence during the global financial crisis to the post-2016 crypto gold rush, which he refers to as the «Grifter Era». He argues that crypto is slow and unreliable. It cannot be both a great investment, which goes up and up, and a viable currency, which offers stable value. He argues that crypto assets’ price is based largely on there being an even greater fool who believes the hype. (Foto: Armend Nimani/AFP/NTB)