As the FT notes today, this is the [plot of the value of 500 cryptocurrencies over the last couple of years:
When is a store of value not a store of value?
When it has no inherent value and is just like a Ponzi scheme is, of course, the answer.
That's exactly what cryptocurrencies look like right now, as I admit I have always said.
And let's be quite clear about something else: these are not currencies, or anything remotely like them. At best they are a mug's game. And there appear to have been many mugs out there.
The downturn is proving that just because excess cash balances can be directed towards a so-called investment medium, does not prove it is of worth.