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07-31-2023 |
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The government of El Salvador has invested $105 million in Bitcoin. President Nayib Bukele's embrace of the cryptocurrency as legal tender is being questioned as the market crashes. Getty Record-high inflation, fear, rising interest rates and a loss of confidence in crypto investments all contributed to the crypto crash. Analysts say most of the factors are “macro,” which means they relate to the economy as a whole rather than any flaws in the crypto market. There is a common saying among Web3 natives “Not your keys, not your crypto,” referring to the personal key code that people use to maintain decentralised custody of their own crypto wallets. FTX is a centralised exchange, meaning that people entrusted it to hold their cryptocurrencies, and not all transactions are public. As it plays out, FTX’s public downfall could usher in more awareness and education on these principles, and more guardrails that both aid and slow down progress. https://wecryptoindia.com/ |
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