Are Cryptocurrencies the Future or Just a Fad?
Bitcoin and other cryptocurrencies have recently made headlines thanks to endorsements from Elon Musk, CEO of SpaceX and Tesla. His remarks caused bitcoin's price to soar. This surge is partly due to governments printing money during the pandemic, which has raised inflation concerns and undermined trust in traditional financial markets. As a result, many investors are turning to these risky investments. Alongside Bitcoin, numerous "alt-coins" have flooded the unregulated cryptocurrency market. Some of these coins, promoted on social media, see their prices skyrocket by hundreds of percent in mere minutes. This frenzy has institutional investors debating whether to join in for fear of missing out, while regulators struggle to devise appropriate responses. Janet Yellen, the new US Treasury Secretary, has labeled cryptocurrencies a significant worry, and India is moving towards banning private cryptocurrencies altogether. What exactly are cryptocurrencies, and how have they evolved since Bitcoin's early days a decade ago? Ritula Shah and a panel of experts explore these questions.
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