Investors Still Reeling from Crypto Crash
CHATTANOOGA, Tenn. (WDEF)-
Investors have felt the crash of crypto currency here in the Tennessee Valley.The value of crypto has fallen by two-thirds of its peak value in 20-21.
Chris Hopkins of Apogee Wealth Partners says that this downturn is in line with other investment bubbles throughout American history. He said that, “We certainly saw cases where people lost significant amounts of money, and part of the problem with that is when you’re speculating, often you forget to hedge your exposure. Too many people, once they got to the high point, rode it down, and once it lost half of their value, hope springs eternal, and you expect it to turn around next week or next month. So rather than cutting their losses and leaving, many people rode it down substantially.>
Hopkins also expects that currency, including the U.S. dollar, will be crypto based in the coming years as technology improves.
But he does not see a path where current cryptocurrencies like Bitcoin are adopted in a widespread manner.