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Cryptocurrency's Collapse

Jesse Pound

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.

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Roger is a retired partner in the international law firm of Latham & Watkins. He is the co-founder and Chairman of Buildable Hours, a non-profit group that organizes law firms to build homes with Habitat for Humanity in several cities around the country. He and his wife Rana Tahtinen enjoy skiing and many of the other recreational activities offered by Park City. He is passionate about KPCW and its important role in our community.