Crypto risk-takers aren’t crazy – they’re just desperate
By Karen Petrou
As we’ve learned the hard way, social media has become a viral force for pandemic-scale political conspiracies. Of course, it’s not the media themselves that do this; instead, it’s the rage many Americans harbor against governmental institutions profitably enabled by social-media colossi. It’s thus unsurprising that companies such as Facebook, which grew to omnipotence fueled by social anger, understand better than establishment financial institutions that economic anger is also growing at an ever more feverish pitch. As a result, what I’ll call viral finance is spreading through every corner of the once staid banking, payment and investing infrastructure. Crafting a new-age financial regulatory framework thus requires a keen understanding not only of how crypto assets work, but also why they work so seductively for the millions now putting their life savings at risk not because they don’t know better, but because they can’t do better any other way.