The recent fall in cryptocurrency (crypto) and non-fungible token (NFT) values has led to anxiety, finger wagging, and calls for regulation. This is not surprising; bitcoin prices have fallen by one-third in the last 30 days. The largest crypto exchange, Coinbase, is laying off nearly one-fifth of its workforce. And the largest crypto lender, Celsius, froze all account withdrawals last week. NFT sales volumes dropped 50 percent in the first quarter of this year, and some prices for popular NFTs have dropped 60 percent since their all-time high.
Read Mark Jamison’s full take online at AEI.