Finance & Economics | Digital Currency
Cryptocurrency Could Bring Down The Economy
It is time everyone wakes up to how dangerous this party actually is.
From the very first time that Bitcoin was used to buy two pizzas until just before the recent and devastating crash, critics have been warning that cryptocurrencies are nothing more than a scam. It’s been no secret about how much energy digital coins consume, contributing to pollution and climate change. Furthermore, most legitimate financial professionals have been vocally outspoken against digital coins for the better part of a decade, while well-respected economists have repeatedly declared that there is no proof whatsoever that cryptocurrency can function as a safety net during a recession.
Despite all this, loyalists of cryptocurrency continued to tweet and post “YOLO” and “FOMO” all while regurgitating each other's fallacious mantras.
“Cryptocurrency will provide a hedge against inflation,” they said. In reality, we now know that it’s fueling price increases in real-world goods.
“Cryptocurrency will decentralize currency and replace fiat money, thus ushering in a new world era of peace and prosperity,” they said. On the contrary, we now know that digital coins need to be pegged to fiat…
