What Next TBD: Does Crypto Investment Need to Be Regulated?
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Slate
3.9 • 1.1K Ratings
🗓️ 26 June 2022
⏱️ 20 minutes
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| 0:00.0 | When you can't quite get the angle, take hands-free selfies with the Samsung Galaxy Z Flip 5, |
| 0:05.2 | stand it up, step back, and your photos are also synced to your Chromebook, ready to edit. |
| 0:10.8 | The new Samsung Galaxy Z Flip 5 and Chromebook, available on Vodafone. |
| 0:19.0 | Cryptocurrency has arrived. This April, fidelity became the first major retirement plan |
| 0:25.2 | provider to allow everyday people to invest in Bitcoin with their retirement accounts. |
| 0:30.2 | The fact that a regulated, traditional, high-status financial institution is telling you, |
| 0:35.9 | hey, buy some of this stuff, right? Is it some of the staff of approval that is not present |
| 0:40.9 | in one of these traditionally, like, kind of sketchy sounding crypto exchanges? |
| 0:45.2 | That's Anthony Lee-Ziong, he teaches finance at the University of Chicago's Booth School of Business. |
| 0:51.5 | He says this move by fidelity signaled a major shift in how traditional financial institutions |
| 0:58.2 | view cryptocurrency. The past cycles, I think, somewhat more involved, |
| 1:03.2 | kinds of people that were more on the fringes of traditional finance, right? |
| 1:07.5 | And this cycle, you see, everyone getting in. |
| 1:10.2 | And then crypto crashed. |
| 1:13.2 | What we do know is that even for those die-hard Bitcoin supporters who were used to volatility, |
| 1:20.0 | the last 74 hours were a very rough ride. |
| 1:23.6 | In just one month, from April to May, nearly $1 trillion of value in the crypto sector |
| 1:30.8 | just vanished. Bitcoin dropped to below $20,000 for the first time in years. |
| 1:36.8 | Now, volatility is nothing new to cryptocurrency markets, but with many more regular investors |
| 1:43.3 | putting their life savings into crypto over the last few years, a lot of people will end up |
| 1:50.0 | getting hurt by this crash. Now, investors are worried that we've entered a crypto winter. |
| 1:56.0 | That's when crypto values fall and stay low for a long period of time. |
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