The shocking world of cryptocurrency has sparked yet another controversy. This time FTX, one of the most ‘well managed’ cryptocurrency exchanges. Within days, FTX plummeted due to lack of liquidity and mismanagement of funds, followed by a large volume of withdrawals from doomed investors. Most cryptocurrencies crashed after the news, causing massive losses of wealth to investors.
bl.portfolio has always taken a very cautious stance on cryptocurrency. In our big story ‘The Other Side of the Coin’ in the September 19, 2021 edition, we’ve highlighted the main risks of cryptocurrency.
What if there is an FTX-like disaster in India? That would be really bad news for investors. Listen to this podcast to understand how the completely unregulated nature of cryptocurrency in India makes it an unsafe investment and how the collapse of FTX should be a wake-up call.