IMF deputy managing director wants to stay away from crypto
The deputy managing director of the International Monetary Fund (IMF), Gita Gopinath, revealed that she has continued to stay away from cryptocurrencies and doesn't plan on investing in these blockchain-based assets in the near future due to the lack of regulations and increased volatility of the digital assets market.
IMF director's take on crypto
International Monetary Fund's (IMF) deputy managing director Gita Gopinath gave an interview to India Today at the World Economic Forum (WEF), which is currently holding its Annual Meeting 2022 in the Swiss ski resort town of Davos from May 22 to May 26. When asked about her take on cryptocurrencies, she said that "I have completely stayed away from it. But that's just me and my level of risk aversion.""It went from about $3 trillion market to $1.5 trillion market in about six months - very quick moves. It is not a very easy-return investment. So these are very large risks you are taking," she the IMF exec.In the last month, we saw Bitcoin, the world's biggest cryptocurrency, drop below $30,000 and touch $26,000 as well. Moreover, in the last few months, the majority of cryptocurrencies have shredded most of the gains that were made during the 2020-2021 bull run. The volatility of the asset class is a great hindrance for economists like the IMF director. At the time of writing, the price of 1 BTC is $29,300, around 57% low than the all-time high of $69,000.
Crypto crowd takes over Davos
The presence of a significant number of crypto and blockchain startups at the WEF Annual Meeting at Davos did not go unnoticed, as covered in a recent report from Cryptonary. Major crypto firms arrived at the Annual Meeting to grow their connections and expand their businesses in the long term. Tether, the firm behind the USDT stablecoin was also present to celebrate the Bitcoin Pizza Day on May 22 by giving away free pizza slices.Continue reading by joining Cryptonary Pro
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