A top Fed official just compared ‘speculative’ crypto to baseball cards and had a stark warning for owners: ‘Don’t expect taxpayers to socialize your losses’

(Credit: Al Drago/Bloomberg via Getty Images)

It’s been a rough 18 months for many cryptocurrency investors, but Federal Reserve Governor Christopher Waller says they should have seen it coming. 

“If you buy crypto assets and the price goes to zero at some point, please don’t be surprised,” Waller said in a Friday speech at a Global Interdependence Center conference in San Diego. “And don’t expect taxpayers to socialize your losses.”