The crash of the libertarian myth of “stateless currencies”

The crypto crash has revealed the other side of the coin: the market for these “stateless” currencies needs some of them to be pegged to… the official currency.

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Journalist in the Economy department

Reading time: 5 mins

En finance, we call it a “crash” – understand: the sudden fall in the price of an asset class. In fact, in a few days, cryptocurrencies suffered a thaw. Between May 4 and May 12, bitcoin and ethereum – the two main ones, if we consider capitalization as a criterion – lost, respectively, a quarter and almost a third of their value in dollars.

This bitcoin and other crypto crash is neither the first nor (arguably) the last. The crypto market had already lost its feathers between mid-November and the end of January. So that in total, the courses were halved (and a little more in reality) in six months.

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