We’re spending more than we’re earning overseas – to the extent that this is the largest annual account deficit to GDP ratio since records began in March 1988. The previous largest was during the global financial crisis in December 2008.
Crypto operates on the greater fool theory. Because it has little real world use currently, investors are buying it on the premise that they will be able to find someone down the line willing to buy it off them – the greater fool, or some optimist who believes they have found their own golden ticket.
We’re spending more than we’re earning overseas – to the extent that this is the largest annual account deficit to GDP ratio since records began in March 1988. The previous largest was during the global financial crisis in December 2008.
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