Jesse Pound, CNBC reporter joins Mountain Money this morning to help us understand the crash of cryptocurrency.
In February 2020, Warren Buffet appeared on CNBC and stated "Cryptocurrencies basically have no value and they don't produce anything. They don't reproduce, they can't mail you a check, they can't do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person's got the problem. In terms of value: zero."
Approximately 14% of Americans were invested in digital assets as of 2021, according to University of Chicago research. Cryptocurrencies overall have lost nearly $800 billion in market value in the past month, according to data site CoinMarketCap.
Joining Mountain Money this morning to help us understand the cryptocurrency crash is Jesse Pound, CNBC reporter. Jesse last spent time with us in July, where he gave us an overview of cryptocurrency.