Cryptocurrencies could lead to financial instability, author warns…

By redistributing power away from the government and Wall Street and to the people, cryptocurrency will democratize finance, enthusiasts of the digital money say.

Economist Eswar Prasad, however, foresees a more complicated and, at times, dangerous reality.

In Prasad’s telling, bitcoin is likely one long-lasting bubble, and digital money could leave the government with more control than ever, while making wealth inequality much worse. He sees other risks, too.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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