MSNBC’s Stephanie Ruhle has no sympathy for crypto investors

MSNBC’s Stephanie Ruhle has no sympathy for crypto investors

MSNBC host Stephanie Ruhle expressed little sympathy for crypto investors who have been crushed by digital coin’s fall in value this week.

“If you lose your shirt, hope you have a six pack,” Ruhle said.

The 11th Hour host, a former investment banker, also told crypto investors not to expect any government help or relief, saying they were to blame for buying the unstable currency versus more traditional assets.

“Remember: the entire basis of crypto is secrecy. It’s decentralization. It’s ‘Don’t step on me. I don’t want the government. I don’t want a branch”, so this is a “buyer caution”. [situation]’ she said in comments reported by news site Mediaite.

Cryptocurrencies plunged Thursday after the collapse of TerraUSD, a so-called stablecoin, with Bitcoin falling to a 16-month low of around $25,400. Crypto assets have also been swept up by the widespread selling of risky assets on worries of high inflation and rising interest rates.

Ruhle, the host of MSNBC
Ruhle, the host of MSNBC’s “The 11th Hour,” was an investment banker before becoming a journalist.
Getty Images

Ruhle said the crypto market meltdown is different from the 2008 recession, when major investment firms went under and had to be bailed out by the government.

“You’re not going to have institutions at risk here, you’re going to have millions and millions of people, many of whom have never invested in the markets, many of whom have borrowed to bet big in crypto, and are losing enormous amounts of money, so what’s going to happen ?” said Ruehle.

“Are people going to turn around and say, ‘The government has to help me? I have to be acquitted on bail for that.”

Cryptocurrencies like Bitcoin have seen a precipitous fall in value over the past few days.
Cryptocurrencies like Bitcoin have seen a precipitous fall in value over the past few days.
Only Photo via Getty Images

Sentiment is particularly fragile as tokens that should be pegged to the dollar have stalled.

Bitcoin, the largest cryptocurrency by total market value, rallied above $30,000 on Friday — still a long way off last November’s all-time high of $68,000.

The digital coin remains well below the level of around $40,000 a week ago and barring a rebound in weekend trading, it is heading for a seventh straight weekly record loss.

Crypto-related stocks have taken a hit, with shares in broker Coinbase stabilizing overnight but still down by half in just over a week.

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