For those who dabble in cryptocurrency, MSNBC anchor Stephanie Ruhle has little sympathy for investors following the last week’s collapse in the value of digital coins.
During a segment on Friday’s edition of “Morning Joe,” “The 11th Hour” host, a former investment banker, also told crypto investors not to expect any government help or relief.
She added that they have only themselves to blame for purchasing the unstable currency over more conventional assets.
“Let’s remember: The entire basis of crypto is secrecy. It is decentralization. It’s ‘Don’t tread on me. I don’t want the government. I don’t want establishment,’ so this is very much a ‘Buyer beware’ [situation],” Ruhle said, per Mediaite.
On Thursday, Cryptocurrencies crashed following the tumble of TerraUSD, a so-called stablecoin, with bitcoin plunging to a 16-month low of around $25,400.
Crypto assets have also been swept up in the broad selling of uncertain investments on concerns regarding high inflation and increasing interest rates.
Ruhle stated the fall of the crypto market is distinct from the 2008 recession when large investment companies proceeded to go under and needed to be saved by the government.
“You won’t have institutions at risk here, but millions and millions of individuals, many of whom have never invested in the markets, many of whom have borrowed to bet big in crypto, losing enormous amounts of money, so what’s going to happen?” Ruhle said.
“Are people going to turn around and say, ‘The government needs to help me. I need to be bailed out for this’?”
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
