If you’ve been ignoring the most stunning story of the moment, now you can’t.

For years, many people have harbored a secret question: What actually is cryptocurrency? Maybe they understood it in some sense—money that existed via some unhackable code?—but they didn’t really get it. Some of us at Slate didn’t get it, frankly! Perhaps you didn’t really get it either. The thing was, for a long time, you could get by in society without really understanding crypto.

Now, in America, that’s no longer true. Crypto is in ascendance—and to understand what it is, and how it works, is foundational to understanding the great American scam that’s currently playing out right in front of all of us in the White House and beyond. You can’t grasp the reality of the second Trump presidency if you…

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