Michael Hiltzik: Crypto is melting down. Here's who's hurt
These are gut-wrenching days if you're an investor in stocks or bonds. But things could be worse:
You could have your money in crypto.
In its heyday, which sometimes feels like only a few days ago, crypto seemed to be on the verge of breaking into the mainstream.
High-profile investment bankers were leaving traditional Wall Street firms such as Goldman Sachs and Morgan Stanley to join Coinbase Global and other crypto start-ups.
Entertainment stars Matt Damon and Larry David and sports legends LeBron James and Floyd Mayweather Jr. lent their reputations to companies in the field.
The giant Fidelity Investments announced in April that it would allow investors in 401(k) retirement plans to put some of their assets in crypto (corporate sponsors of those plans, but not government regulators, would have to agree).
Crypto companies made sponsorship deals, which gave us Crypto.com Arena (the former Staples Center in downtown Los Angeles), and those FTX badges on the uniforms of Major. Crypto billionaires like Sam Bankman-Fried, the chief executive of FTX, started dreaming about deploying their wealth as .
