Cryptocurrency news from around the world, including Bitcoin, Ethereum, and XRP. Join us for high-profile interviews, explainers, and unique stories in a fast-moving industry.
In less than a decade, cryptocurrencies have gone from digital novelties to trillion-dollar technologies. Bitcoin, in particular, has exploded in popularity and value. Once dismissed as a joke, it has gained mainstream recognition, attracted investors, and survived the hacking of its largest exchange, Mt. Gox, and a rash of price swings that saw nearly $1 trillion wiped off its value. Proponents say cryptocurrencies are a democratizing force, wresting the power of money creation and control away from central banks and Wall Street. Critics, however, argue that cryptocurrencies empower criminals, terrorist groups, and rogue states; exacerbate inequality; and consume vast amounts of electricity in their mining operations.
The global fascination with cryptocurrencies has created new challenges for policymakers, including a lack of regulations and an inability to control fraud and cybersecurity risks. The speculative nature of these markets also raises concerns about consumer protection and financial stability, particularly in the face of severe market volatility. Finally, their global reach and anonymity have made them attractive to illegal activities, including cyberhacking and drug cartels. Moreover, their enormous energy consumption has contributed to climate change. Nevertheless, cryptocurrencies continue to grow in popularity and influence in many parts of the world, including some with weak currencies. They are becoming a popular choice for populist leaders and have prompted some countries, such as El Salvador, to make them legal tender.