This is what the future holds for cryptocurrencies


By any measure, 2022 was a terrible year for crypto. In all, more than $2 trillion in largely speculative market value evaporated.

Millions of consumers and businesses lost money, and perhaps more damaging for a nascent industry and technology, the fundamental trust in the promise of crypto-finance, which was supposed to be a correction to many of the misdeeds that gave rise to the 2008 financial crisis, is waning.

Meanwhile, policymakers who have been sounding an alarm about crypto’s excessive risks, while failing to create sensible regulations, have been vindicated by not one, but multiple large-scale failures.