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6 Crypto Myths Debunked

  • 4 mths ago

So far, 2022 has been as unkind to digital coins as it has been to stocks. Bitcoin is down more than 37% on the year. Ethereum is down more than 41% and crypto, in general, has been in the news for all the wrong reasons lately.

A scary first-quarter earnings report from Coinbase, America's largest crypto exchange, has the industry and its investors in a state of panic, according to Fortune and Forbes. For many crypto naysayers, the events confirm their long-held suspicions.

In a new GOBankingRates study, a combined 40% of respondents said that they avoid crypto because they don't feel that it's regulated enough or because they don't trust the security that protects it. Another 60% don't trade crypto simply because they don't understand it.

That widespread lack of knowledge and trust is a perfect breeding ground for misinformation -- and there's no shortage of that where crypto is concerned, especially now that things are so bad.

If you're even considering jumping into the market, make sure you don't fall for the following stubborn crypto myths.

Myth: Your Investments Are Safe With Coinbase

Coinbase validated the industry and brought cryptocurrency into the mainstream when it went public and began trading on the Nasdaq. Publicly traded companies, after all, are regulated by the SEC, which is exactly the kind of federal oversight that leery mainstream investors had been holding out for all along. 

On May 11, however, Coinbase's first-quarter earnings report revealed stunning losses approaching a half-billion dollars and a 19% drop in monthly users. A selloff ensued, battering Coinbase even further.

The report was followed by an announcement that stunned the industry.

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