The entire episode has laid bare the advantages of experienced large-scale investors over retail investors gambling on hope. One of his purchases —CryptoPunk 8348, an extremely rare “7-trait” for which he paid 80 ETH (~$18k) — recently courted an offer of $4.2m from a group of investors, which he rejected. The more time I spent in the cryptosphere, the more I came to see it as a place where all our economic ills are refracted. In an interview with Time magazine published on Friday, he shared his concerns about the massive displays of wealth mdash; like the flaunting of pricey Bored Ape NFTs mdash; that have become inseparable from people's perceptions of cryptocurrencies. Gambling is gambling -- it’s one of the oldest industries in the world.

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