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ESSEC Knowledge: "Are cryptocurrencies over? Not so fast"

08-07-2022 / Source: https://knowledge.essec.edu/en/economy-finance/are-cryptocurrencies-over-not-so-fast.html
ESSEC Knowledge: "Are cryptocurrencies over? Not so fast"

Cryptocurrency prices have decreased drastically since the beginning of 2022, with their detractors feeling validated by this development. Bill Gates’ recent critical comments on cryptocurrencies may have added to the impression that cryptocurrencies are not useful. In many respects, Gates’s critical stance is justified: cryptocurrencies are highly volatile, don’t generate sustainable revenue streams, and some, such as Bitcoin, detrimentally impact the environment. However, the conclusion that cryptocurrencies are useless is overblown.

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