Michael Lewis, author of “Moneyball” and “The Big Short” and financial journalist, said that crypto could collapse.
Lewis stated that Bitcoin is a faith-based asset that is not sustainable in the long run.
The author nevertheless believes that cryptocurrencies are “more equitable” than traditional finance. Lewis stated that intermediaries have disappeared in crypto and therefore it has a more egalitarian structure compared to stocks.
Lewis also praised the decentralized finance sector, saying that it could reform the old financial system.
According to Lewis, if cryptocurrencies remain in the market longer, they can seriously threaten the existing financial system.
Lewis became famous after the release of “The Big Short” in 2010. The book has also become a movie starring Brad Pitt and Ryan Gosling. The book contained the story of forward-thinking investors who decided to bet.
Bitcoin has been hovering around $40,000 lately and extreme fear is taking over the market. At the time of writing, the leading crypto is trading at $ 39,756 according to CoinMarketCap data.
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