Is crypto an opportunity or a threat?
The technology’s costs outweigh the benefits, especially in the absence of stronger regulation
THE fascination with cryptocurrencies shows no sign of fading. With the passage of the Guiding and Establishing National Innovation for US Stablecoins (Genius) Act in July 2025, American lawmakers added to the sense that crypto is here to stay.
But look beyond the hype and an uncomfortable issue remains unresolved: Are cryptocurrencies a genuine innovation capable of serving the common good, or a speculative threat to financial and social stability?
Of course, not all cryptocurrencies are alike. Unbacked ones, such as Bitcoin and Ethereum, have no underlying assets and derive their value purely from people’s belief that they have any.
But…
