OPINION

'Worthless, risky' cryptocurrencies should be banned

Oped, Published on 12/02/2022

» The price of Bitcoin has undergone yet another wild gyration, rising from $41,030 (1.3 million baht) on Sept 29, 2021, to $69,000 on Nov 10, 2021, before falling back to $35,075 on Jan 23. That is its second-largest decline in absolute value, though it has suffered larger declines in percentage terms, such as between Dec 15, 2017, and Dec 14, 2018, when it fell by 83.8%. More broadly, the cryptocurrency market (comprising some 12,278 coins) was estimated to be worth $3.3 trillion on Nov 8, 2021, before plummeting to $1.75 trillion as of Jan 30.