Bitcoin, Ethereum & Co: Nobody needs cryptocurrencies

In an interview a good ten years ago, the conservative US economist Thomas Sowell compared the US Federal Reserve (Fed) to an ulcer. When asked if he would abolish them if he had the power to do so, he replied yes. When asked what he would replace it with, he said, “When you remove cancer, you don’t think about what to replace it with.”

The shrill comparison is certainly inappropriate for a central bank, without which a modern economy cannot function at all. It would be more suitable for the crypto world.

Because Bitcoin and Co. including stablecoins and the so far only vague central bank projects for electronic forms of cash – the following applies to all of them: nobody needs them. They proliferate and do more harm than good. The problem: once they exist, you can hardly get rid of them.