For many, digital assets conjure up images of so-called “crypto bros”. The stereotype is of young, well-educated men of European heritage with good earnings prospects. In reality, Americans of African and Hispanic heritage are disproportionately represented among the US investors.
Youth certainly is a distinguishing factor. But an ability to comfortably sustain losses may not be. Pundits should perhaps reserve scorn for jargon-spouting promoters of digital assets rather than out-of-pocket buyers.
Since last November, the total value of the cryptocurrency market has dropped by two-thirds — or more than $2tn — to below $1tn. Bitcoin has lost 70 per cent of its value to trade at just over $20,000.
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