Why cryptocurrencies are here to stay

Despite the recent market craziness, cryptocurrencies are changing finance and central banks are in a desperate race with innovators, one they may even eventually lose.

Crypotcurrencies are helping revolutionise finance by threatening to eliminate traditional “middlemen” in transactions, whether that be private banks, lawyers, or even central banks. David Rowe

Michael Hirsh

May 28, 2021 – 12.00am

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If you were worried about your savings at a time of financial uncertainty – say, the looming threat of inflation – would you hand your money over to Elon Musk?

True, the Tesla founder is a brilliant investor and worth a mint, but he is also volatility itself, prone to strange, sudden shifts of opinion. And if, in recent weeks, you put your money into bitcoin, you were effectively putting your money into Musk, whose many whimsical tweets and off-handed remarks about cryptocurrencies like bitcoin – in which he is a major investor – have helped send them seesawing in value. With his tweets, Musk is “literally making and destroying small fortunes 280 characters at a time,” New York University marketing professor Scott Galloway told CNBC this week.

Foreign Policy