MSNBC anchor Stephanie Ruhle voiced little sympathy for crypto investors crushed by this week’s collapse in the value of digital coins.
“If you lose your shirt, hope you got a six-pack,” Ruhle said.
“The 11th Hour” host, a former investment banker, also told crypto investors not to expect any government help or relief, saying they have only themselves to blame for buying the unstable currency over more traditional assets.
“Let’s remember: The entire basis of crypto is secrecy. It is decentralization. It’s ‘Don’t tread on me. I don’t want the government. I don’t want establishment,’ so this is very much a ‘Buyer beware’ [situation],” she said, in comments reported by the news site Mediaite.
Cryptocurrencies crashed Thursday after the collapse of TerraUSD, a so-called stablecoin, with bitcoin falling to a 16-month low of around $25,400. Crypto assets have also been swept up in broad selling of risky investments on worries about high inflation and rising interest rates.
Ruhle said the collapse of the crypto market is different from the 2008 recession, when large investment firms went under and needed to be bailed out by the government.
“You won’t have institutions at risk here, but millions and millions of individuals, many of whom have never invested in the markets, many of whom have borrowed to bet big in crypto, losing enormous amounts of money, so what’s going to happen?” Ruhle said.
“Are people going to turn around and say, ‘The government needs to help me. I need to be bailed out for this’?”
Sentiment is particularly fragile, as tokens supposed to be pegged to the dollar have faltered.
KNOWLEDGE is POWER / REAL NEWS is KEY Woke & Liberal News is Fake News You will find it on:
CNN - CBS - MSNBC - ABC - The New York Times - The Washington Post - Facebook - Twitter and more They ALL SUCKS
and simply DO NOT tell you the truth PERIOD
WARNING! If you usually get your news from one of these so-called "News Services" Welcome to you, but be prepared for big surprises! eg. 2+2 is not 5 or 22 but 4 - There is not 57 different genders, only 2 KNOWLEDGE is POWER / REAL NEWS is KEY Help your friends, family and the truth by sharing this article.