Many crypto 'investors" were beguiled by the heavily promoted narrative that crypto would become a secure, valid, & transparent "Store of Value"; & that crypto would, eventually, displace gold from its 5000 year+ history as a valuable Store of Value.
The top 50 investors in one Exchange only, FTX, have lost c. US $3.1b.
This crypto narrative is being demolished now- & the price of gold is likely to rise accordingly (in addition for other reasons for the POG to rise in inflationary times). GBR should, eventually, benefit.
bbc.com J,Tidy, 23.11.22, said"Troubled crypto firm FTX collapsed after being "run as a personal fiefdom of Sam Bankman-Fried", a US bankruptcy court has heard.
The former FTX boss led the firm once valued at US$32b (£27bn), but lacked basic money controls, a lawyer leading the bankruptcy proceedings said.
The true state of FTX's finances was only now being understood, he said.
He also claimed Mr Bankman-Fried's team spent roughly $300m on holiday homes and property for senior staff.
Only now do we realise that "the emperor had no clothes," attorney James Bromley said, describing the situation as "one of most abrupt and difficult collapses in the history of corporate America."
FTX was a cryptocurrency exchange allowing people to buy Bitcoin and other cryptocoins in exchange for traditional money. Many customers used their FTX digital wallets like bank accounts, expecting their funds to be safe.
...The court was shown a timeline of how it became the second-largest cryptocurrency exchange before collapsing in just eight days once details about the company's lack of financial stability were leaked online.
Mr Bankman-Fried resigned and the firm filed for bankruptcy protection, seeking the court's oversight as it attempts to resolve its debts.
More than one million investors had cryptocurrency stored on the FTX exchange and are owed money, which they may not get back".
https://www.bbc.com/news/business-63720310
Crypto Collapsing- Price of Gold, eventually, to rise/ be the main Beneficiary
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