Are Cryptocurrencies Still the Future of Money?
Since the creation of Bitcoin in 2009, cryptocurrencies have exploded in popularity and accrued over $1 trillion in collective value. But market volatility in 2022 threatened the crypto ecosystem—after peaking at over $68,000 in November 2021, the price of Bitcoin fell to under $17,000 twelve months later. This instability has brought new scrutiny to the industry and the countries that have embraced Bitcoin as currency: El Salvador and the Central African Republic. Financial regulators are now calling for more crypto oversight, but global efforts to regulate the industry have stalled. Given this simultaneous rise in global popularity and concern, what lies ahead for digital currency and the future of finance?