📰 [Analysis] The libertarian fantasies of cryptocurrencies - Martin Wolf

Greed and fanaticism are features of financial systems and it is the duty of public policy to tame them. Cryptocurrencies, fueled by anarcho-libertarianism, only pushes these flaws at the expense of the public. The state, which needs little historical introduction as a tool of destruction, is still humanity's 'ultimate insurance mechanism.' It should be the purpose of public policy to examine the use cases for cryptocurrency where they exist. One such area would be central bank digital currencies, which could potentially break the business elites hold on money distribution. Yet, the costs must be understood: the financial systems of today would be radically altered and destabilized, perhaps creating more problems than it answers. The path forward, then, is adoption with caution.