Cryptocurrency: Value Decline and Systemic Implications

This chapter explores the recent significant decline in cryptocurrency values, particularly Bitcoin, and its economic ramifications, including a staggering $1.1 trillion loss in market capitalization. It discusses Bitcoin's foundational principles, the mechanics of trust established through blockchain technology, and its evolving role in the financial landscape. The chapter also critically examines Bitcoin's limitations as a currency, its association with illicit activities, and the paradoxical emergence of new banking-like structures within the cryptocurrency space.