Bitcoin symbols displayed at an exchange bureau in Pristina, Kosovo, where cryptocurrency mining has been temporarily banned due to the activity’s serious drain on energy.  Photo: AFP
Bitcoin symbols displayed at an exchange bureau in Pristina, Kosovo, where cryptocurrency mining has been temporarily banned due to the activity’s serious drain on energy. Photo: AFP
Willem H. Buiter
Opinion

Opinion

The View by Willem H. Buiter

Cryptocurrencies like bitcoin solve none of the problems of fiat money, and add some new ones

  • Believers in cryptocurrency insist it offers a transparent, decentralised alternative to the fiat monetary system
  • In reality, it has all the same inconsistencies, with the added drawbacks of being spectacularly risky, carbon intensive and easily co-opted for cybercrime

Bitcoin symbols displayed at an exchange bureau in Pristina, Kosovo, where cryptocurrency mining has been temporarily banned due to the activity’s serious drain on energy.  Photo: AFP
Bitcoin symbols displayed at an exchange bureau in Pristina, Kosovo, where cryptocurrency mining has been temporarily banned due to the activity’s serious drain on energy. Photo: AFP
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