Most consumers do not trust cryptocurrencies
The tumultuous cryptocurrency market continues to attract investors from around the world – chasing an unlikely jackpot amid scams and regular value collapses. The market’s famous volatility seems to be putting many more people off, though, with 28% of consumers stating they have “no confidence” in the technology, and a further fifth stating they are wary it is plagued by scams.
In 2018, one of the few economists to have predicted the 2008 financial crisis provided US senators with a stark warning. Speaking to a congressional hearing on Capitol Hill, global economist Nouriel Roubini did not mince words, when describing cryptocurrency as “the mother or father of all scams and bubbles,” and added that Bitcoin’s underlying technology, blockchain, was the most “over-hyped – and least useful – technology in human history.”
Roubini’s prepared testimony went on to call out “scammers, swindlers, criminals, charlatans, insider whales and carnival barkers (all conflicted insiders)” who he said tapped into “clueless retail investors’ FOMO (‘fear of missing out’),” then took them for a ride with pump-and-dump schemes for “scammy crappy assets at the peak that then went into a bust and crash – in a matter of months – like you have not seen in any history of financial bubbles.”
After the dust from this apocalyptic testimony settled, though, many of its warnings ultimately went unheeded. Tech-evangelists continued to hype the…