Investors in GM & Chrysler (considered blue-chip value stocks at the time) saw their investments go to zero when the companies declared bankruptcy in the 2009 Financial Crisis. The S&P 500 dropped 50% in the same period. PG&E stock dropped by 53% in one day last week when it was revealed that they may be responsible for the California wildfires.
Pretty much everything worth investing in is that volatile. You just either need to be greedy when other people are fearful and vice versa, or have long enough time horizons for it not to matter.
On the other hand, I would say a country's economy weren't viable if their cash had crashed.
That's actually exactly the argument I've seen from many Bitcoin proponents, ironically enough.
Sure, if the S&P/Dow/Nasdaq fell 75% people would be jumping out the window, but it's also never risen 300% in a few months like crypto did.
Crypto needs to be evaluated against other speculative investments and not against a long term vehicle like a major index.
Try 2000%, not 300%.
High volatility makes people rich -- that's the attraction. It also makes people poor.
"At its peak, in November 2017, it briefly hit $19,783 - which means the price has fallen by about 75%."
If this were a real stock market and those were real $$$s, isn't that the kind of crash that causes great depressions or investors jumping out of windows (movie trope, but not really)
How can something so volatile possibly be worth pursuing or investing in, other then get rich quick schemes.