Will cryptocurrency cause the next financial crisis?

The growing dangers of "decentralized finance"

Bitcoin being chased.
(Image credit: Illustrated | iStock)

Cryptocurrency speculation is all the rage. Aside from the famous bitcoin (which has fallen in value by about a third over the last few weeks, and continues to gyrate wildly), there are thousands of other coins being bought and sold around the world, and new ones launching every day. Probably the most interesting is ethereum, which aside from being a traditional coin is also becoming a sort of platform for organizing all manner of business or other activities.

There are a lot of interesting technology and ideas in the cryptocurrency space. But there is far too little attention being paid to the downsides. Crypto is a godsend to money launderers and other financial scam artists, chews up ungodly amounts of electricity, and raises the risk of shattering financial crises. Crypto needs regulation to be safe.

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