Carmona is a fellow at the Brookings Institution. She is a public voices fellow on technology in the public interest with The OpEd Project.
Once again, the world of cryptocurrencies has been thrust into the spotlight after the recent dethroning of the crypto kings, Sam Bankman-Fried and Changpeng Zhao. As crypto industry actors aim to distance themselves from the failed crypto moguls (Bankman-Fried was found guilty of seven counts of fraud and conspiracy and Zhao pleaded guilty to money laundering violations), some claim their demise will enable the industry to “turn the page.”
To clear the path for crypto, many may pour money into efforts to convince legislators and the public that crypto isn’t all that bad, and that America actually “needs” it. In fact, an industry-led grassroots campaign is already under way aiming to do just that, focused especially on saving American “crypto jobs” and “innovation.” There are also crypto-focused super PACs emerging to support pro-crypto candidates in 2024 and show they “attract the jobs of the future.”
Since memories tend to be short in the crypto world, it should be made clear: Crypto isn’t essential to the American economy. Crypto might be great at grabbing headlines, but it hasn’t created a ton of jobs or driven innovation. On the contrary, crypto companies, services and products seem to hurt consumers more than help them. Not to mention the proliferation of money laundering and fraud involved.
Sign up for The Fulcrum newsletter
Though some industry actors claim that embracing crypto in America will create “4 million jobs over the next 7 years,” the numbers they assert seem highly unlikely. In my recent research at Brookings, we examined the number of job postings requiring crypto and blockchain skills, a measure of overall hiring and employment activity. We found that even at peak, which took place around March 2022, the number of crypto industry job postings was extremely small: less than 0.15 percent of all postings, with the level lingering at less than 0.08 percent by April 2023. The job postings were also not evenly distributed, concentrating in powerful, pre-existing tech hubs like New York and San Francisco – leaving most other places behind.
Another way to look at this data though, is that, according to our analysis, while the total number of job postings across all industries is around 4.7 million, the crypto industry had only about 5,000 monthly job postings nationally at the height of the crypto boom. This is about the size of job postings in religious organizations, book publishers, or waste treatment and disposal – not exactly industries known for rapid job growth. Now, compare those 5,000 crypto-related monthly job postings (at peak!) with large industries such as consulting services, which had 90,000 job postings a month during that same period. Computer systems design had 70,000 and software publishing had 10,000 job postings a month.
Not only does crypto not appear to be significantly creating jobs, it’s not driving innovation either. Much like the prices of cryptocurrencies themselves, entrepreneurial activity in the crypto ecosystem has been incredibly volatile. For example, startup growth and declines appear to mirror bitcoin and crypto values, such that when bitcoin prices have plummeted, so too have the number of crypto-related startups. At the same time, venture capital dollars, which play an important role in fueling innovation (for better or worse), are pouring out of the crypto industry and into new gold rushes, where more exciting entrepreneurial ventures and investments like artificial intelligence can be found.
Despite the fact that cryptocurrencies have been around for nearly 15 years, there are few current use cases besides speculation; for example, crypto does not boost financial inclusion, nor solve the needs of the unbanked or those seeking to build wealth, despite its proponents’ claims. Comparatively, look at how much cell phones have evolved over the past 15 years and impacted our lives. The crypto industry will have a tougher time proving crypto is a revolutionary, innovative or new technology worth investing in as time goes on.
In fact, if crypto has achieved anything at scale, it’s been causing substantial – even spectacular – harms to consumers and communities. Rather than generate more jobs or stimulate innovation, the crypto hype cycle resulted in troubling pollution and energy costs for communities, failed business projects, and an outbreak of scams and hacks. Many individuals also faced significant losses, not just due to FTX’s implosion, but also to a crypto edifice replete with fraud. Is this really an industry America “needs?”
To be sure, proponents will say that by not supporting crypto, we are enabling American leadership in the global financial system to fall behind other countries. However, there are far better ways to demonstrate leadership in our financial system than propping up an industry that does little but harm consumers or bolster fraud and money laundering.
Rather than invest more time and resources in crypto, it would make more sense to focus our energies on technologies or industries with far more economic potential. America has legions of knowledge workers who could direct their talents to proven or vetted technologies – from biotech and artificial intelligence to quantum information science and advanced energy. We shouldn’t limit their talents to underperforming and inefficient technologies.
As the federal government’s crackdown on crypto continues to spotlight the industry’s missteps, the public should ensure that policymakers concentrate on bolstering industries that are essential to our economy rather than draft policies based on dubious claims and pad an industry that has harmed so many consumers. Regardless of what crypto proponents say, America never needed crypto in the first place.
Famed investor and former Berkshire Hathaway Vice Chairman Charles Munger, who recently passed away, in a candid interview last year perhaps said it best in offering his opinion on crypto: “I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out of your extra billions of billions to somebody who just invented a new financial product out of thin air.”
And so, when all is said and done, the downfall of Bankman-Fried and Zhao might just be the reminder everyone needs: America is better off without cryptocurrency.
From Your Site Articles
Related Articles Around the Web
N Rotteveel/iStock Editorial via Getty Images
Bitcoin (BTC-USD) fell back to below the $100K mark on Tuesday after stronger-than-expected U.S. economic data led investors to further scale back their expectations for interest-rate reductions by the Federal Reserve.
The cryptocurrency gapped down 5.8% to $96.2K, a day after
Looking to make a life-changing investment in crypto? With the market booming and countless opportunities on the horizon, finding high-growth crypto coins can be your ticket to massive returns. But what if you could get in early on projects that are not only groundbreaking but also promise enormous potential for 200x ROI or more?
In this article, we’re diving into the seven best cryptocurrency to buy now that are primed for explosive growth. Among them, 5thScape (5SCAPE) stands out with its revolutionary VR ecosystem that blends gaming, education, healthcare, and real estate—creating a vast metaverse for users to explore. As the virtual world expands, 5thScape’s token offers a unique opportunity for investors to get in early and reap the rewards.
Another project that’s capturing attention is LuckHunter (LHUNT), a casino and gaming platform that merges the excitement of online gaming with blockchain rewards. LuckHunter offers exclusive play-to-earn opportunities and staking rewards, allowing investors to capitalize on the rapidly growing sector of crypto gaming.
Don’t miss out on these groundbreaking tokens—your 200x ROI could be closer than you think!
Here is the list of the seven best cryptocurrencies to buy now and build a future-proof portfolio:
Let’s now review each of these best cryptocurrencies to buy now and reap colossal returns in the upcoming new year.
5thScape (5SCAPE) is an innovative cryptocurrency that aims to revolutionize the virtual reality (VR) industry by integrating VR with blockchain technology. The project is building a decentralized metaverse that merges gaming, education, healthcare, and real estate. Through its immersive ecosystem, 5thScape offers users the chance to engage in groundbreaking VR experiences, making it a standout project in the crypto space.
Invest in the 5thScape VR project before its official listing >>
Key Features: 5thScape offers a multi-sector approach, allowing its token holders to enjoy real-world utility in various industries. Its decentralized platform includes applications for VR gaming, educational tools, and healthcare solutions, expanding its use beyond just gaming. The 5SCAPE token holders can earn staking rewards and influence decisions through decentralized voting, giving them a direct stake in the platform’s development. Upcoming VR games, including “Immersive Kick-Off” and “Epic Arena,” promise to attract a wide audience, further enhancing its value.
Thinking of expanding into Africa?
Avoid the common mistakes businesses during expansion. Register to learn the common mistakes business make when expanding into Africa.
Written by seasoned experts, who have over 16 years of experience in Free Zones development. Learn more.
Presale Prices and Token Details: Currently in its presale phase, 5SCAPE tokens are priced at $0.00438 per token. As the token is slated to list at a higher price, early investors stand to make a substantial return on their investment, with projections of up to 100% gains at launch. The presale provides a unique opportunity to secure tokens before the full-scale launch of the platform this month.
Market Potential and Future Outlook: With the metaverse expected to reach $947 billion by 2030, 5thScape is well-positioned to capture a significant share of this growing market. Its expansion into multiple industries, alongside its innovative VR offerings, positions it as a top contender for future growth, making it an exciting investment opportunity. Invest in the 5SCAPE tokens now before their price skyrockets on market debut. This is the only chance.
LuckHunter is an innovative Metaverse casino that merges blockchain technology with immersive virtual gaming experiences. By combining the transparency and security of blockchain with the limitless possibilities of the Metaverse, LuckHunter offers players the chance to interact in dynamic virtual spaces, play traditional casino games, and experience futuristic gaming. Through its native LHUNT token, users can stake rewards and participate in a decentralized ecosystem.
Visit the LuckHunter presale page now >>
Key Features: The LuckHunter platform allows users to rent, lease, or purchase customizable casino tables and properties, creating an interactive environment that enables both play and passive income generation. Blockchain transparency ensures secure, fraud-free gameplay, while the Metaverse integration provides players with an engaging, immersive experience that traditional online casinos cannot match.
Presale Details: LuckHunter’s presale provides an exciting opportunity for early investors. LHUNT tokens are being sold at $0.00138 and early investors can earn up to 400%. Token holders gain early access to a groundbreaking platform within the rapidly growing online casino gaming space.
Market Potential and Future Outlook: With the global online gambling market projected to reach $227 billion by 2028, LuckHunter is well-positioned to capture a significant share by leveraging Metaverse and blockchain innovations. Its focus on DeFi, secure gaming, and immersive experiences places it at the forefront of this industry’s transformation.
Ethereum (ETH) is a decentralized platform that enables smart contracts and decentralized applications to run without the risk of fraud or downtime. As the second-largest cryptocurrency by market capitalization, Ethereum has been at the forefront of the decentralized finance (DeFi) revolution and continues to play a central role in the development of blockchain-based solutions.
Key Features: Ethereum’s smart contract functionality enables the development of decentralized applications that can execute automatically when certain conditions are met. This has made Ethereum the go-to blockchain for DeFi, NFTs, and other blockchain-based solutions. Ethereum 2.0, which is set to improve scalability and reduce energy consumption, adds further value to the network.
Market Potential and Future Outlook: Ethereum has established itself as the leader in the smart contract and dApp space, with a large and diverse ecosystem. The ongoing transition to Ethereum 2.0 and its expansion into Layer 2 solutions ensures that Ethereum will maintain its leadership in the blockchain space. Its continued growth in DeFi and NFTs makes it an essential token for any crypto portfolio.
Polkadot (DOT) is a multi-chain blockchain platform designed to enable interoperability between different blockchains. The project focuses on creating a decentralized web where different blockchains can interact and share information, solving one of the biggest challenges in the blockchain space—interoperability.
Key Features: Polkadot allows different blockchains to connect and communicate via its relay chain and parachains. This interoperability makes it easier for developers to build decentralized applications that work across different platforms. Polkadot’s scalability and flexibility allow for the creation of customized blockchains tailored to specific needs.
Market Potential and Future Outlook: Polkadot’s ability to provide seamless interoperability between blockchains is highly valued in the growing blockchain ecosystem. As the DeFi and NFT sectors expand, Polkadot’s unique position to link various blockchains will likely drive its adoption. The platform’s innovations in scalability and cross-chain compatibility make it a strong contender for long-term growth.
Solana (SOL) is a high-speed blockchain platform designed for decentralized applications and crypto projects. Known for its fast transaction processing and low fees, Solana is one of the most popular blockchains in the DeFi and NFT spaces, offering scalability without sacrificing decentralization.
Key Features: Solana’s Proof-of-History consensus mechanism allows it to process thousands of transactions per second, making it one of the fastest blockchains in the world. Its low fees and high throughput have made it a preferred platform for DeFi applications, NFT marketplaces, and other decentralized services.
Market Potential and Future Outlook: As the demand for decentralized applications continues to rise, Solana is well-positioned to capture a significant share of the market. Its scalability, speed, and low transaction costs make it a strong competitor to Ethereum and other blockchain platforms. With ongoing developments and partnerships, Solana is expected to continue expanding its reach in the crypto ecosystem.
Race to a Billion (BDJ) is a gamified crypto platform that allows users to predict Formula 1 race outcomes and earn rewards. The token leverages the global appeal of motorsports and the growing interest in crypto betting platforms, offering fans a unique way to engage with their favorite sport while earning tokens for their predictions.
Key Features: The BDJ token is integrated into a prediction market where users can stake tokens and predict race outcomes. Winners receive rewards, which can be redeemed for other cryptocurrencies or used within the platform for future betting opportunities. The tokenomics of BDJ are designed to create a sustainable reward ecosystem, with high potential for growth as the platform attracts a larger audience of both crypto enthusiasts and sports fans.
Market Potential and Future Outlook: With Formula 1’s immense global following, Race to a Billion is poised to attract a large number of users who are passionate about the sport. The combination of sports fandom and cryptocurrency creates a compelling use case for BDJ, positioning it as a top pick for investors looking for exposure to the emerging sector of sports-related crypto platforms. The platform’s gamified approach also offers a unique twist that sets it apart from other crypto projects.
Bitcoin (BTC) is the world’s first cryptocurrency, created by an anonymous figure known as Satoshi Nakamoto in 2009. As the most valuable cryptocurrency by market capitalization, Bitcoin revolutionized the way we view money and transactions. It operates on a decentralized network, making it immune to central authority control, and offers a secure, transparent way to transfer funds globally.
Key Features: Bitcoin’s main feature is its decentralized nature, supported by a proof-of-work consensus mechanism. This ensures that transactions are verified by miners and recorded on the blockchain, making it resistant to fraud. Bitcoin also offers low transaction fees compared to traditional banking systems and has a capped supply of 21 million coins, creating scarcity and increasing its potential value over time. As a store of value, Bitcoin has often been referred to as “digital gold.”
Market Potential and Future Outlook: Bitcoin continues to lead the crypto market and has gained mainstream adoption as a hedge against inflation. With increasing institutional investments and adoption by large companies, Bitcoin’s future looks promising. As a pioneering cryptocurrency, it remains a core asset in any crypto portfolio and a key player in the financial ecosystem.
In conclusion, these seven best cryptocurrency to buy now are primed for significant growth, with each offering unique features and groundbreaking potential. From 5thScape’s immersive VR ecosystem to LuckHunter’s innovative Metaverse casino, these tokens present opportunities for investors seeking substantial returns. Whether you’re looking for DeFi innovations, gaming transformations, or next-gen financial solutions, these projects stand at the forefront of the crypto revolution. Don’t miss out on these high-potential investments—act now and secure your place in the future of cryptocurrency. Invest today and position yourself for massive gains in 2025!
Bitcoin surpassed $100,000 earlier today. (Photo illustration by Chesnot/Getty Images)
Bitcoin prices rallied today, climbing past $100,000 for the first time this year as anticipation surrounding the inauguration of President-Elect Donald Trump bolstered the digital currency.
The world’s most valuable cryptocurrency by total market value reached more than $102,700 this evening, according to Coinbase data from TradingView.
At this point, it was up roughly 4% in less than 24 hours, after trading below $99,000 earlier in the day, additional Coinbase figures from TradingView reveal.
Interestingly enough, the digital asset, which reached an all-time high of more than $108,000 on December 24, spent the first several days of this year trading below the key, psychological level of $100,000.
When asked what caused bitcoin’s latest rise above $100,000, several analysts pointed to the regime change that will take place two weeks from today, as well as its expected impact on policy.
“Personally, I think Bitcoin price pumped due to excitement of it being the first Monday of 2025 and every day is getting closer to a pro crypto president and the resignation of Gary Gensler,” said the TikTok influencer who goes by Wendy O.
Gensler, who became the chair of the U.S. Securities and Exchange Commission in 2021, has generated significant visibility for the highly aggressive approach he has taken toward the cryptocurrency sector.
In November, he shared some statistics on his X (formerly Twitter) account, citing an SEC statement detailing how the government agency had secured more than $8 billion dollars’ worth of financial penalties during fiscal year 2024.
The government official, who has drawn significant ire for his heavy handed treatment of cryptocurrency industry participants, plans to resign from his current post on January 20, according to a separate SEC statement.
Greg Magadini, director of derivatives for digital asset data provider Amberdata, also highlighted how anticipation surrounding the upcoming regime change has impacted investors and the markets.
“The presidential certification process, followed by the Jan 20th inauguration both represent bullish sentiment catalysts, especially as the labor market remains strong and the new administration will likely announce tax-cut policies and friendly regulation policies for crypto,” he stated.
The interest that American investors have in bitcoin seems to have recovered after the start of the year, according to CryptoQuant analyst Julio Moreno.
When asked what caused the cryptocurrency’s latest upward price movement, the analyst stated via Telegram that “it seems related to the return of the US investor to the market after the holidays.”
He emphasized changes in CryptoQuant’s Coinbase Premium Index for bitcoin, which the data analytics provider defines as the percent “difference between Coinbase Pro price (USD pair) and Binance price(USDT pair).”
The chart below, which Moreno supplied, illustrates the index’s latest activity.
Bitcoin’s Coinbase Premium Index
“We can see the Coinbase Bitcoin price premium turning positive again for the first time since December 17 last year,” he stated.
“A positive Coinbase premium indicates relatively higher demand in the US,” Moreno noted.
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.
These are the top 7 issues facing the struggling restaurant industry in 2025
The 25 worst losses in college football history, including Baylor’s 2024 entry at Colorado
The top out-of-contract players available as free transfers: Kimmich, De Bruyne, Van Dijk…
New Orleans attacker had 'remote detonator' for explosives in French Quarter, Biden says
Carter's judicial picks reshaped the federal bench across the country
Who Are the Recipients of the Presidential Medal of Freedom?
Ozempic ‘microdosing’ is the new weight-loss trend: Should you try it?
Ivory Coast says French troops to leave country after decades
