Unveiling the True Purpose of Cryptocurrency in Today's World

The Anti-Establishment Technology of Our Age

For years, crypto skeptics have questioned, What is this for? Meanwhile, supporters have struggled to provide a satisfactory answer. They argue that blockchain—the technology underpinning cryptocurrencies—is a revolutionary invention, a sophisticated mechanism for documenting ownership online and fostering digital communities. Alternatively, they propose it as a foundation for a new, hyper-financialized internet where human intermediaries are no longer necessary for transactions, even for bizarre purchases like a $3.4 million cartoon ape.

The Nature of Cryptocurrencies

Then there are the currencies themselves: Bitcoin, Ether, and an endless array of memecoins and start-up tokens. These are largely volatile, speculative assets, traded by many, some of whom get rich or go bankrupt. They are also known for their roles in money laundering, funding startups, and facilitating elaborate financial fraud. While crypto has its use cases, it has long been criticized as a technological solution in search of a problem, especially for those who don’t wish to use it for illegal activities.

Illustration by Matteo Giuseppe Pani / The Atlantic. Source: Getty.