2min chapter

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The Pandemic Broke the Economy (EP.264)

Animal Spirits Podcast

CHAPTER

Cryptocurrency Is Learning Every Old Lesson in Finance Right Now

Crypto is learning every old lesson in finance right now. It's like counterparty risk leverage, bank runs. All this stuff is happening in crypto. Ans like they're re learning the lessons of the old financial system and how the fact that human nature can really cause your undoing. G b t c has been arning two % a year on tens of billions of dollars to under perform the asset by over 70%. I'm not blaming them. I almost blame the s c more because they're screwing people with high fees and awful performance.

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