Bitcoin has taken a beating.
The cryptocurrency is down nearly 20% in 2022 and about 40% over the past three months—hurt, like other risky assets, by the likelihood that the Federal Reserve will soon begin raising interest rates.
Of course, this is far from its first—or worst—drop. Bitcoin fell more than 50% between last April and July, then shot up roughly 130% by November. Other digital assets are even more volatile.
Many leading investors hate cryptocurrency;
Warren Buffett
has called bitcoin “rat poison squared.” Others, however, including hedge-fund manager Paul Tudor Jones, have climbed aboard. After all, over the next decade or so, these technologies could transform the global financial system.
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