Cryptocurrency isn’t having the best year. After bitcoin soared as high as $68,000 in late 2021, the banner cryptocurrency price has been halved and halved and halved again, now sitting just below $21,000. Other coins are struggling as well, with the overall cryptocurrency market losing billions of dollars over the last few months. It’s not looking much better either, as even a prominent crypto wallet founder noted in an interview that the risks of investing are a lot higher than many realize. The founder points out that despite the noble intentions of some, the unregulated nature of cryptocurrency is filled with schemers, scammers, and bad actors that use the technology to their advantage. MetaMask’s other founder, Dan Finlay, also noted in the interview that any kind of rules put in place would be antithetical to the foundation of cryptocurrency. So that’s the big question: is cryptocurrency a risky investment akin to gambling? For one, the plummeting cryptocurrency market is a dead giveaway. As we mentioned, bitcoin’s value has dropped 70% in the last seven months, which should unsettle even the staunchest of cryptocurrency supporters. On top of that, cryptocurrency scams have become increasingly popular, with social media platforms being the primary means by which users are ripped off. It’s not all doom and gloom though. The technology is impressive, and many have become interested in it despite the woes. In fact, a large percentage of employees around the world are interested in having the option to be paid and rewarded with cryptocurrency, although with tanking prices, it’s hard to get too enthused about the idea.
