TODAY'S EDITORIAL: Strengthen protections against crypto risks
ON Monday, Bangko Sentral ng Pilipinas Governor Felipe Medalla issued a warning to consumers about the dangers of investing in cryptocurrency, following the spectacular collapse of the world's second-largest trading exchange FTX. While urging the public to be cautious is certainly appropriate, we believe even stronger measures are needed to prevent serious harm from investing in the volatile and controversial cryptocurrency sector.
On the same day that Medalla made his statement, the Bank of International Settlements in Switzerland, an institution considered the 'central bank for central banks,' released a study that seemed to empirically confirm the 'greater fool theory.' Analyzing seven years of crypto market data from 2015 to 2022, BIS economists discovered that at least three out of every four crypto investors lost money.
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