This this this.
This is the problem with cryptocurrencies. Nobody is buying it from the people holding. Planet Money did a story on this. Some headline-making holders of other currencies having been trying for years to sell their fake math game money to get real money and they can’t. Nobody, and I mean nobody is giving this person anywhere close to 5 billion for that. They’ll be lucky if anyone buys it at all, never mind “even for a few million”.
There is no intrinsic value store in these fake currencies. They are not backed by anything, they are not useful for anything, and there is no secondary market for them. Headlines like this are deeply misleading.
