Is destruction of crypto wealth a beneficial factor easing inflation?

[Frasier Balzov]

Putting the hardship of any investor's personal loss aside, of course.

Looking for a pony in the manure pile.

[RandySF]

1. Crypto is for MAGA, drug dealers, incels and white supremacists.

[SunSeeker]

2. Well put. nt

[Frasier Balzov]

3. Which of those categories is the Chicago Mercantile Exchange?

Bitcoin and Etherium futures trade there.

[RandySF]

4. The CME wants to make a buck off those creeps.

[Celerity]

6. Where does senior advisor to president Obama, David Plouffe, fit on that list?

https://www.google.com/amp/s/decrypt.co/110304/binance-taps-former-obama-advisor-for-new-global-advisory-board

[RandySF]

7. I don't care. Crypto is shady.

[SheltieLover]

8. Absolutely!

[honest.abe]

10. You can add ransomeware attackers to that list.

[TreasonousBastard]

5. Could be. Think Pound Sterling without the British Empire backing it up.

[modrepub]

9. I've Wondered Lately

If it's really the upper income and other folks who have gobs of money that are keeping inflation high. If you have a ton of money then you are less prone to being impacted by inflation. Who cares if gas is $8/gal and your vehicle gets 10mpg when you've got millions in the bank or some other easily accessible source of money? If there are enough folks of means who are not impacted by inflation they won't cease consuming because of high prices alone. Inflation will continue unabated while high interest rates and prices crush folks of lesser means.

And some say the rise of crypto is a direct result of decades of low interest rates and easy money policy. Under these circumstances, people can throw their money into projects with dubious returns. High interest rates and more cautious loan granting effectively weeds out the crack-pot business models. Tight money may prune the dead wood and allow more projects that actually produce a useful project to move forward.

[ProfessorGAC]

11. Not Seeing How

Theoretically, inflation is caused by too much money chasing limited goods & services.
In this case, there are other factors, much of it being overreaction to extrinsic events by underregulated commodity markets. And, opportunistic greed.
But, as I understandit, much of crypto investment is long-hold, or at least traded within the crypto world.
Hence, only a small fraction is actually circulating into & out of the overall economy.
I'm not seeing how this loss of investment value impacts the fundamental causes of our current situation.