WASHINGTON—Federal Reserve Governor Christopher Waller is predicting crypto prices could fall to zero, saying crypto investments are “as speculative as baseball card investing.” Waller’s prediction comes at the same time Bitcoin hit a six-month high of $24,620 as of Feb. 16.
In a statement during a conference at the Global Interdependence Center, Waller further cautioned that investors should not expect the government to use taxpayers’ money to cover their losses, Techstory reported.
In his warning over crypt and the risks of investing, Waller also addressed decentralized finance and the intricacies of the crypto industry, according to the report.
When the Cycle Breaks…
Waller noted that investors put their money in different cryptocurrencies with the belief that someone will buy it from them at a positive price in the future. This creates demand, and the price goes up. However, if that cycle is broken, the price will go to zero, he added.
Waller then warned investors they should not be surprised if the price of crypto hits such a low, Techstory said.
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