Crypto’s Dark Secret

Authors: Tyler Swanson

Location: Q Magazine

Published: February 23rd, 2022

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Bitcoin has been called “The People’s Currency” and “The Currency of the Future,” but whatever the name, its rise to prominence in recent years is astonishing. While Bitcoin was initially intended to act as a decentralized currency that anyone could generate and trade for secure transactions, it has become a tool for investors on the stock market to try and get rich quick with occasional disastrous consequences. Worth over $40,000 per coin at the time of writing, Bitcoin has captured the fascination of tech enthusiasts, financiers, and the public alike. For some, the widespread rush to invest in Bitcoin may seem reminiscent of the gold rush of 1849, and that notion isn’t too far off. Many people have used their savings, and some have even mortgaged their homes, to invest in the cryptocurrency. This high level of risk sometimes pays off, but sometimes doesn’t, and families are left destitute as the value of Bitcoin rises and falls almost at a whim.