Scams and volatility plague this market, and the Biden administration is still trying to decide where the federal government fits in
Blockchain has gone mainstream. Last year 16 percent of Americans claimed to have speculated in cryptocurrencies based on blockchain technology, and this year’s Super Bowl broadcast included several ads for crypto markets. But even as their cheerleaders encourage others to dabble in cryptocurrencies, their worth remains dubious. Their values are quite volatile, and as unregulated assets, they leave average investors vulnerable to crashes and scams.
Blockchain, a digital ledger that records transactions, is public, decentralized—spread among the computers in a network—and secure. Theoretically, data stored via blockchain are nearly impossible to modify without leaving signs of fraud. As a result, the technology can support a variety of applications, including secure sharing of medical data and tracking financial transactions.
As a result, cryptocurrency speculation can be extremely volatile. For example, the value of Bitcoin once dropped by 30 percent in a single day. Although the stock market has weathered similar dips, when this happens, the federal government and other entities can step in to try to stabilize fluctuations. With cryptocurrencies, there are no such backups.
In addition, cryptocurrencies are not minted by a government; instead many must be “mined” by members of the decentralized network performing computing tasks to help validate transactions of that particular cryptocurrency. These tasks require enormous energy: in 2021 mining a single Bitcoin required enough electricity to power an American household for nine years. And the more Bitcoins are mined, the more power is needed to earn new ones.
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