The chairman of Asia’s largest blockchain investor thinks volatile cryptocurrencies are a relatively safe investment as the traditional financial world is rocked by the Credit Suisse turmoil and the failure of a string of U.S. banks.
, thinks volatile cryptocurrencies are a relatively safe investment as the traditional financial world is rocked by the Credit Suisse turmoil and the failure of a string of U.S. banks.
To be sure, cryptocurrencies are risky investments. The largely unregulated market saw roughly 60% of its value evaporate from its peak in November 2021, according to CoinGecko as of Monday. It comes after a series of corporate disasters, including the bankruptcy of Sam Bankman-Fried’s FTX cryptocurrency exchange.
Meanwhile, investors have been dumping Credit Suisse shares after rival UBS agreed to take over the 167-year-old bank for $3 billion on Sunday. The Swiss banking behemoth saw its stock price plummet nearly 60% on Monday. It comes hot on the heels of the collapse of crypto-friendly U.S. banks Silvergate Bank and Signature Bank, as well as Silicon Valley Bank, a major lender to startups and venture capital firms.
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