Central banks stoked then roiled crypto in a painful lesson for speculators on who controls markets as Coinbase lost $US1.1b in just three months.
Coinbase’s $US1.1 billion loss over the June quarter furthers an embarrassing year for the crypto sector including bankruptcies, frauds and cratering prices underpinned by a brutal schooling in how central banks control markets.
could be used to exchange wealth between digital wallets and remove the need for bank accounts or transaction fees, but it would have to be a stablecoin pegged to the value of fiat.The weakness of decentralised crypto is that no authority is ready to redeem it and its price only reflects what speculators are willing to pay.
Founder Elon Musk prevaricated on the earnings call about his view on bitcoin. He swung between saying Tesla was open to buying more and later telling an analyst his view is that cryptocurrency is “a sideshow to the sideshow”, with Tesla’s goal being to accelerate the advent of sustainable energy “given the record heat waves around Earth.
Block is leveraged to the narrative that bitcoin can become money as bitcoin revenue fell 34 per cent in the June quarter and it impaired its value on its balance sheet. In 2021 it defended bitcoin’s carbon footprint by issuing a memo with bitcoin promoter ARK Invest titled ‘bitcoin is key to an abundant, clean energy future’.in November 2021 have delivered atrocious returns.
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