Logos of Bitcoin and different cryptocurrencies – Copyright AFP Giuseppe CACACE

Crypto, particularly Bitcoin, is the third armpit of finance. Nobody ever needed it and nobody asked for it. The financial world was perfectly capable of sending itself and everyone else broke without crypto.

Even organized crime didn’t really need crypto. Thanks to deregulation and corruption, illegal money could move around easily without an entirely separate crypto system and markets.

But of course, being totally unnecessary has never been much of an argument against anything hideous in human history. Nobody “needed” the two world wars, either.

Just recently, this system fell off a cliff and halved the price of Bitcoin. It fell so much…