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Did Rate Hikes Kill the Crypto Star?

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Did Rate Hikes Kill the Crypto Star?
Representations of virtual cryptocurrencies are placed on U.S. dollar banknotes in this illustration taken on Nov. 28, 2021. Dado Ruvic/Reuters
Daniel Lacalle
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Commentary

If we look at the staggering decline of the cryptocurrency index in 2022, we may understand an uncomfortable truth. Cryptocurrencies were created as an alternative to the monetary insanity in the fiat currency world yet became a massive bet on the money expansion they were supposed to combat.

Daniel Lacalle
Daniel Lacalle
Author
Daniel Lacalle, Ph.D., is chief economist at hedge fund Tressis and author of the bestselling books “Freedom or Equality” (2020), “Escape from the Central Bank Trap” (2017), “The Energy World Is Flat”​ (2015), and “Life in the Financial Markets.”
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