Cryptocurrencies have grown into a global phenomenon, garnering attention from investors, economists, and governments.
Highlights
- Bitcoin and other cryptos are “a negative-sum game,” causing a significant waste of resources, Dieter Wermuth, an economist and partner at Wermut Asset Management, said.
- Wermutti said Bitcoin’s volatility, slow and expensive transaction processes, and limited acceptance as a form of payment inherently makes it a poor substitute for traditional fiat currencies, he added.
- He said the global economy might be better off without cryptos, allowing for more funds to be directed towards consumption and investment.
- The energy consumption of data centers that power the crypto ecosystem, which, in turn, has contributed to climate change, is also a net loss for the economy, he said.
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