Money doesn’t exist in a vacuum
We're told that trillions of dollars' worth of crypto has been wiped out over the past year, but these losses are nowhere to be seen in the real economy – because the "wealth" that was wiped out by the crypto bubble's bursting never existed in the first place.
I read this before last week’s bank crash, but it interesting to note the differences in the reactions to SVB collapsing and SBF’s crypto-bank doing the same months before.
Pluralistic: The AI hype bubble is the new crypto hype bubble