Renowned forex trader and self-made millionaire Devin Sran warned NFT and Cryptocurrency traders in a recent interview, saying, “Unlike Forex trading, Crypto trading doesn’t add value to the economy. Crypto is only a giant bubble.” He further explained that without generating any value, Crypto cannot have any net gains—the total amount of profits made is the same as the total amount of money lost. For every dollar won by one trader, some other trader loses a dollar. “It’s only as profitable as gambling, but not as fun.”
“Forex trading plays a vital role in the world economy, and hence it contributes value to the economy. This value can be extracted in the form of profits by Forex traders. Forex is not a zero-sum game,” said Devin in an interview differentiating Forex trading from Crypto trading. He views Forex trading as being an opportunity for all players in the market to make profits. “Nobody has to lose money for you to earn profits,” he added, justifying his claim of the Forex market being a non-zero-sum game.
“NFTs and Cryptocurrencies don’t have any materialistic value,” said Devin leading the conversation towards an explanation to his earlier claim about the crypto market, “NFTs are only valued because everyone else in the market values them. Once this hype is over, it’s doubtful currently expensive NFTs will retain their value.” He views this Crypto hype as being a Ponzi scheme where everyone is counting on the value of the assets to increase. But he doesn’t believe this growth in value is sustainable since the Crypto market doesn’t contribute to the economy; the value is only in the minds of traders.
“The thing about Ponzi schemes is that they grow exponentially fast before the crash,” he said, warning Crypto trading about a possible burst in the near future. The people who lose money in a bubble burst or a Ponzi scheme crash are those that enter it later rather than earlier. Furthermore, the number of people who enter a Ponzi scheme at its later stages can be tens of times higher than the initial investors. Hence an arbitrary NFT investor is more likely to be one of the people that lose money than win. Further emphasizing the risk, he said, “If you’re thinking about entering the market now, you’re only helping older NFT players make more profits, and you’ll likely lose money.”
International merchants need Forex traders to make transactions across countries, which implies that Forex trading is here to stay for a long time, whereas only a tiny portion of traders accept cryptocurrencies. The Crypto market doesn’t serve a vital purpose in the economy and can crash any day.
Sarah Jay is a senior logo design developer. With a decade worth of experience in the field of designing, she loves to inspire others with her work. She also has a wide variety of additional skills which include, but are not limited to, creating a custom logo design for various companies.