Cryptocurrencies have been around since 2009

 So how did cryptocurrencies come to be worth almost $3 trillion at their peak? (Two-thirds of that value has now vanished.)  

Why was nothing done to rein in “stablecoins,” which were supposedly pegged to the U.S. dollar but were clearly subject to all the risks of unregulated banking, and are now experiencing a cascading series of collapses reminiscent of the wave of bank failures that helped make the Great Depression great?

Paul Krugman 11 July 2022

https://www.nytimes.com/2022/07/11/opinion/cryptocurrency-federal-reserve.html


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