A cryptocurrency bubble is a phenomenon where the

market Market is a term used to describe concepts such as: *Market (economics), system in which parties engage in transactions according to supply and demand *Market economy *Marketplace, a physical marketplace or public market *Marketing, the act of sat ...

increasingly considers the going price of

cryptocurrency A cryptocurrency (colloquially crypto) is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. Individual coin ownership record ...

assets to be inflated against their hypothetical value. The history of cryptocurrency has been marked by several

speculative bubble Speculative may refer to: In arts and entertainment *Speculative art (disambiguation) *Speculative fiction, which includes elements created out of human imagination, such as the science fiction and fantasy genres ** Speculative Fiction Group, a Pe ...

s on a boom to bust cycle. Some economists and prominent investors have expressed the view that the entire cryptocurrency market constitutes a speculative bubble. Adherents of this view include

Berkshire Hathaway Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Originally a textile manufacturer, the company transitioned into a conglomerate starting in 1965 under the management of c ...

board member

Warren Buffett Warren Edward Buffett ( ; born August 30, 1930) is an American investor and philanthropist who currently serves as the chairman and CEO of the conglomerate holding company Berkshire Hathaway. As a result of his investment success, Buffett is ...

and several laureates of the Nobel Memorial Prize in Economic Sciences, central bankers, and investors.

History

2011 booms and crashes

In February 2011, the price of

Bitcoin Bitcoin (abbreviation: BTC; Currency symbol, sign: ₿) is the first Decentralized application, decentralized cryptocurrency. Based on a free-market ideology, bitcoin was invented in 2008 when an unknown entity published a white paper under ...

rose to , then fell to that April. This spike was encouraged by several ''

Slashdot ''Slashdot'' (sometimes abbreviated as ''/.'') is a social news website that originally billed itself as "News for Nerds. Stuff that Matters". It features news stories on science, technology, and politics that are submitted and evaluated by site ...

'' posts about it. In June 2011, Bitcoin's price again rose, to . This came after attention from a ''

Gawker ''Gawker'' was an American blog founded by Nick Denton and Elizabeth Spiers that was based in New York City and focused on celebrities and the media industry. According to SimilarWeb, the site had over 23 million visits per month in 2015. Fo ...

'' article about the dark web market

Silk Road The Silk Road was a network of Asian trade routes active from the second century BCE until the mid-15th century. Spanning over , it played a central role in facilitating economic, cultural, political, and religious interactions between the ...

. The price then fell to that November.

2013 boom and 2014–15 crash

In November 2013, Bitcoin's price rose to . It then gradually declined, bottoming out at in January 2015.

2017 boom and 2018 crash

The 2018 cryptocurrency crash (also known as the Bitcoin crash and the Great crypto crash) was the sell-off of most

cryptocurrencies A cryptocurrency (colloquially crypto) is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. Individual coin ownership records ...

starting in January 2018. After an unprecedented boom in 2017, the price of Bitcoin fell by about 65% from 6 January to 6 February 2018. Subsequently, nearly all other cryptocurrencies followed Bitcoin's crash. By September 2018, cryptocurrencies collapsed 80% from their peak in January 2018, making the 2018 cryptocurrency crash worse than the

dot-com bubble The dot-com bubble (or dot-com boom) was a stock market bubble that ballooned during the late-1990s and peaked on Friday, March 10, 2000. This period of market growth coincided with the widespread adoption of the World Wide Web and the Interne ...

's 78% collapse. By 26 November, Bitcoin also fell by 80% from its peak, having lost almost one-third of its value in the previous week. A January 2018 article by CBS cautioned about possible

fraud In law, fraud is intent (law), intentional deception to deprive a victim of a legal right or to gain from a victim unlawfully or unfairly. Fraud can violate Civil law (common law), civil law (e.g., a fraud victim may sue the fraud perpetrato ...

, citing the case of

BitConnect Bitconnect (stylized ''bitconnect'' and also spelled BitConnect, Ticker symbol, ticker code BCC) was an open-source cryptocurrency in 2016–2018 that was connected with a high-yield investment program, a type of Ponzi scheme. After the platform ...

, a British company which received a cease-and-desist order from the Texas State Securities Board.

had promised very high monthly returns but had not registered with state securities regulators or given their office address. In November 2018, the total current value for Bitcoin fell below $100 billion for the first time since October 2017, and the price of Bitcoin fell below $4,000, representing an 80 percent decline from its peak the previous January. Bitcoin reached a low of around $3,100 in December 2018.

Timeline of the crash

*17 December 2017: Bitcoin's price briefly reaches a new all-time high of $19,783.06. *22 December 2017: Bitcoin falls below $11,000, a fall of 45% from its peak. *12 January 2018: Amidst rumors that South Korea could be preparing to ban trading in cryptocurrency, the price of Bitcoin depreciates by 12 percent. *26 January 2018: Coincheck, Japan's largest

OTC market, is hacked. US$530 million of the NEM are stolen by the hacker, causing Coincheck to indefinitely suspend trading. The loss is the largest ever so far by an incident of theft. *Late March 2018:

Facebook Facebook is a social media and social networking service owned by the American technology conglomerate Meta Platforms, Meta. Created in 2004 by Mark Zuckerberg with four other Harvard College students and roommates, Eduardo Saverin, Andre ...

Google Google LLC (, ) is an American multinational corporation and technology company focusing on online advertising, search engine technology, cloud computing, computer software, quantum computing, e-commerce, consumer electronics, and artificial ...

, and

Twitter Twitter, officially known as X since 2023, is an American microblogging and social networking service. It is one of the world's largest social media platforms and one of the most-visited websites. Users can share short text messages, image ...

ban advertisements for

initial coin offering An initial coin offering (ICO) or initial currency offering is a type of funding using cryptocurrencies. It is often a form of crowdfunding, although a private ICO which does not seek public investment is also possible. In an ICO, a quantity of c ...

s (ICO) and token sales. *15 November 2018: Bitcoin's total current value falls below $100 billion for the first time since October 2017 and the price of Bitcoin falls to $5,500.

Initial coin offerings

Wired Wired may refer to: Arts, entertainment, and media Music * ''Wired'' (Jeff Beck album), 1976 * ''Wired'' (Hugh Cornwell album), 1993 * ''Wired'' (Mallory Knox album), 2017 * "Wired", a song by Prism from their album '' Beat Street'' * "Wired ...

'' noted in 2017 that the bubble in

s (ICOs) was about to burst. Some investors bought ICOs in hopes of participating in the financial gains similar to those enjoyed by early Bitcoin or Ethereum speculators. In June 2018, Ella Zhang of Binance Labs, a division of the cryptocurrency exchange

Binance Binance Holdings Ltd., branded Binance, is the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading ...

, stated that she was hoping to see the bubble in ICOs collapse. She promised to help "fight scams and shit coins".

2020–2022 cryptocurrency bubble

2020–2021 bubbles

From 8 to 12 March 2020, the price of Bitcoin fell by 30 percent from $8,901 to $6,206. By October 2020, Bitcoin was trading for approximately $13,200. In November 2020, Bitcoin again surpassed its previous all-time high of over $19,000. In early 2021, Bitcoin's price fluctuated wildly, rising to $34,792.47 on 3 January 2021 before crashing by 17 percent the next day and reaching above $40,000 for the first time on 7 January. On 11 January, the UK

Financial Conduct Authority The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom. It operates independently of the UK Government and is financed by charging fees to members of the financial services industry. The FCA regulates financi ...

warned investors against lending or investments in cryptoassets, that they should be prepared "to lose all their money". On 16 February, Bitcoin reached $50,000 for the first time. On 13 March, Bitcoin surpassed $61,000 for the first time. Following a smaller correction in February, Bitcoin plunged from its peak above $64,000 on 14 April to below $49,000 on 23 April, representing a 23% mini-crash in less than 10 days, dipping below the March bottom trading range and wiping half a trillion dollars from the combined crypto total current value. On 14 April,

Coinbase Coinbase Global, Inc. is an American cryptocurrency exchange. It was founded in 2012 by Brian Armstrong and Fred Ehrsam. Coinbase has over 100 million users, and is the largest U.S. based cryptocurrency exchange as well as the world's bigge ...

, a much hyped crypto exchange, went public on the

NASDAQ The Nasdaq Stock Market (; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City. It is the most active stock trading venue in the U.S. by volume, and ranked second on the list ...

. Their shares grew by over 31% on their first day to $328.28, pushing their market cap to $85.8B. Other cryptocurrencies' prices also sharply rose, then followed by losses of value during this period. In May 2021, the value of

Dogecoin Dogecoin ( or , Abbreviation: DOGE; sign: Ð) is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a joke, making fun of the wild speculation in cryptocurrencies at the t ...

, originally created as a joke, increased to 20,000% of value in one year. It then dropped by 93% shortly after. By 19 May, Bitcoin had dropped in value by 30% to $31,000,

Ethereum Ethereum is a decentralized blockchain with smart contract functionality. Ether (abbreviation: ETH) is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization. It is open-s ...

by 40%, and Dogecoin by 45%. Nearly all cryptocurrencies were down by double-digit percentages. Major cryptocurrency exchange Binance went down amid a market-wide price crash and traders are now seeking justice for their losses. This was partly in response to

Elon Musk Elon Reeve Musk ( ; born June 28, 1971) is a businessman. He is known for his leadership of Tesla, SpaceX, X (formerly Twitter), and the Department of Government Efficiency (DOGE). Musk has been considered the wealthiest person in th ...

's announcement that Tesla would suspend payments using the Bitcoin network due to environmental concerns, along with an announcement from the

People's Bank of China The People's Bank of China (officially PBC and unofficially PBOC) is the central bank of the People's Republic of China. It is responsible for carrying out monetary policy as determined by the ''PRC People's Bank Law'' and the ''PRC Commercia ...

reiterating that digital currencies cannot be used for payments. Bitcoin and other cryptocurrencies experienced a solid recovery after

met with leading

Bitcoin mining The bitcoin protocol is the set of rules that govern the functioning of bitcoin. Its key components and principles are: a peer-to-peer decentralized network with no central oversight; the blockchain technology, a public ledger that records all ...

companies to develop more sustainable and efficient Bitcoin mining. After bottoming out on 19 July, by early September Bitcoin had reached $52,633.54 while Ethereum grew by over 100% to $3,952.13. After a short but significant fall, both crypto's peaked on 7 November 2021 at $67,566.83 and $4,812.09, respectively. The NASDAQ would peak 12 days later on 19 November at 16,057.44. In September, Bitcoin officially became a legal tender in

El Salvador El Salvador, officially the Republic of El Salvador, is a country in Central America. It is bordered on the northeast by Honduras, on the northwest by Guatemala, and on the south by the Pacific Ocean. El Salvador's capital and largest city is S ...

with many news sources wondering what countries would be next. As of October 2021, China has continued shutting down crypto trading and mining activities. As of October 2024, Tesla has not yet resumed payment with Bitcoin, although they do accept payment with Dogecoin on select items.

2021–2024 crash

After its peak, the crypto market began to fall with the rest of the market. By the end of 2021, Bitcoin had fallen nearly 30% from its peak down to $47,686.81, and

had fallen about 23% to $3,769.70. In December 2022, ''

The Washington Post ''The Washington Post'', locally known as ''The'' ''Post'' and, informally, ''WaPo'' or ''WP'', is an American daily newspaper published in Washington, D.C., the national capital. It is the most widely circulated newspaper in the Washington m ...

'' reported that there was "the sense that the crypto bubble has definitively popped, taking with it billions of dollars of investments made by regular people, pension funds, venture capitalists, and traditional companies".

= Collapse of Terra-Luna

= In May 2022, the stablecoin TerraUSD fell to US$0.10. This was supposed to be pegged to the US dollar via a complex algorithmic relationship with its support coin Luna. The loss of the peg resulted in Luna falling to almost zero, down from its high of $119.51. The collapse wiped out $45billion of total current value in a week. On 25 May, a proposal was approved to reissue a new Luna cryptocurrency and to decouple from and abandon the devalued UST stablecoin. The new Luna coin lost value in the opening days of being listed on exchanges. In the wake of Terra-Luna's collapse, another algorithmic stablecoin, DEI, lost its peg to the dollar and started to collapse. Kwon Do-hyung, the founder of Terra-Luna, is wanted by

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern half of the Korea, Korean Peninsula and borders North Korea along the Korean Demilitarized Zone, with the Yellow Sea to the west and t ...

and the US for his role as the creator of the cryptocurrency stablecoin which was guaranteed by an algorithm rather than with appropriate funds, after the loss of 40 billion dollars by investors. He has been arrested in

Montenegro , image_flag = Flag of Montenegro.svg , image_coat = Coat of arms of Montenegro.svg , coa_size = 80 , national_motto = , national_anthem = () , image_map = Europe-Mont ...

=Private litigation in the United States

= On 7 January 2022, a class-action lawsuit was filed against EthereumMax alleging it to be a

pump and dump Pump and dump (P&D) is a form of securities fraud that involves artificially inflating the price of an owned stock through false and misleading positive statements (pump), in order to sell the cheaply purchased stock at a higher price (dump). O ...

scheme with media personality

Kim Kardashian Kimberly Noel Kardashian (born October 21, 1980) is an American media personality, socialite, and businesswoman. She first gained media attention as a friend and stylist of Paris Hilton, but received wider notice after the celebrity sex tape ...

, former professional boxer

Floyd Mayweather Jr. Floyd Joy Mayweather Jr. (né Sinclair; born February 24, 1977) is an American boxing promoter and former professional boxer who competed between 1996 and 2017. He list of undefeated boxing world champions, retired with an undefeated record a ...

, former

NBA The National Basketball Association (NBA) is a professional basketball league in North America composed of 30 teams (29 in the United States and 1 in Canada). The NBA is one of the major professional sports leagues in the United States and Ca ...

player

Paul Pierce Paul Anthony Pierce (born October 13, 1977) is an American former professional basketball player. He played 19 seasons in the National Basketball Association (NBA), predominantly with the Boston Celtics. As of September 2024, he is a contributo ...

, and other celebrities also being named in the lawsuit for promoting the Ether cryptocurrency on their social media accounts. On 18 February, the

United States Court of Appeals for the Eleventh Circuit The United States Court of Appeals for the Eleventh Circuit (in case citations, 11th Cir.) is a federal appellate court over the following U.S. district courts: * Middle District of Alabama * Northern District of Alabama * Southern District ...

ruled in a lawsuit against

Bitconnect Bitconnect (stylized ''bitconnect'' and also spelled BitConnect, Ticker symbol, ticker code BCC) was an open-source cryptocurrency in 2016–2018 that was connected with a high-yield investment program, a type of Ponzi scheme. After the platform ...

that the

Securities Act of 1933 The Securities Act of 1933, also known as the 1933 Act, the Securities Act, the Truth in Securities Act, the Federal Securities Act, and the '33 Act, was enacted by the United States Congress on May 27, 1933, during the Great Depression and afte ...

extends to targeted solicitation using social media. On the same day, a class-action lawsuit was filed against SafeMoon alleging it to also be a pump and dump scheme with professional boxer

Jake Paul Jake Joseph Paul (born January 17, 1997) is an American Professional boxing, professional boxer, influencer and actor. He began his career posting videos on Vine (service), Vine in September 2013 and had amassed 5.3 million followers and 2 bi ...

, musician Nick Carter, rappers

Soulja Boy DeAndre Cortez Way (born July 28, 1990), known professionally as Soulja Boy (formerly Soulja Boy Tell 'Em), is an American rapper, songwriter, and record producer. He rose to prominence with his self-released 2007 debut single, "Crank That ...

and

Lil Yachty Miles Parks McCollum (born August 23, 1997), known professionally as Lil Yachty, is an American rapper. He first gained recognition in August 2015 for his viral hit "One Night (Lil Yachty song), One Night", the lead single from his debut extend ...

, and social media personality Ben Phillips also being named in the lawsuit for promoting the SafeMoon cryptocurrency with misleading information on their social media accounts. On 1 April, a class-action lawsuit was filed in Florida against the LGBcoin cryptocurrency company,

NASCAR The National Association for Stock Car Auto Racing, LLC (NASCAR) is an American auto racing sanctioning and operating company that is best known for stock car racing. It is considered to be one of the top ranked motorsports organizations in ...

, professional

stock car racing Stock car racing is a form of Auto racing, automobile racing run on oval track racing, oval tracks and road courses. It originally used Production vehicle, production-model cars, hence the name "stock car", but is now run using cars specifical ...

driver Brandon Brown, and political commentator Candace Owens alleging that the defendants made false or misleading statements about the LGBcoin and that the founders of the company had engaged in a pump and dump scheme. On 13 April,

received a class-action

securities fraud Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information.omissions in the

registration statement In the United States, a registration statement is a set of documents, including a prospectus, which a company must file with the U.S. Securities and Exchange Commission before it proceeds with a public offering. As of May 2022, the United States ...

and prospectus of its

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

. On 13 June,

received a class-action lawsuit from more than 2,000 investors accusing the company of false advertising in promoting TerraUSD. On 17 June, TerraForm Labs received a class-action lawsuit in the United States alleging the company misled investors in violation of federal and California securities laws in marketing its cryptocurrencies in a manner that resembled

securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...

. On 7 July, Celsius Network received a lawsuit from a former cryptocurrency investment manager alleging the company failed to implement adequate

risk management Risk management is the identification, evaluation, and prioritization of risks, followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. Risks can come from various sources (i.e, Threat (sec ...

strategies or accounting practices to

hedge A hedge or hedgerow is a line of closely spaced (3 feet or closer) shrubs and sometimes trees, planted and trained to form a barrier or to mark the boundary of an area, such as between neighbouring properties. Hedges that are used to separate ...

the firm against cryptocurrency price fluctuations and protect its ability to repay its depositors, and that the company was operating an effective

Ponzi scheme A Ponzi scheme (, ) is a form of fraud that lures investors and pays Profit (accounting), profits to earlier investors with Funding, funds from more recent investors. Named after Italians, Italian confidence artist Charles Ponzi, this type of s ...

. On 21 July, an ex-

employee and 2 other men were charged with

wire fraud Mail fraud and wire fraud are terms used in the United States to describe the use of a physical (e.g., the U.S. Postal Service) or electronic (e.g., a phone, a telegram, a fax, or the Internet) mail system to defraud another, and are U.S. fede ...

and conspiracy to commit wire fraud. This marked the first time charges were brought to people involving crypto assets.

= Collapse of FTX

= In early November,

, one of the largest crypto exchanges in the world, announced it would be dissolving its holdings in FTX Token (FTT) with reports that most of FTX

liquidity Liquidity is a concept in economics involving the convertibility of assets and obligations. It can include: * Market liquidity In business, economics or investment, market liquidity is a market's feature whereby an individual or firm can quic ...

was based in this coin and was very unstable. This announcement came shortly after article surfaced stating that Alameda Research, a trading firm affiliated with FTX held a significant amount of FTT. This resulted in a run on FTX resulting in 90% of all FTT being withdrawn. The price of FTT fell from $22 on 7 November to under $5.00 on 8 November, an 80% drop. Abracadabra.com's stablecoin "magic internet money" (MIM) also briefly lost its peg to the

US dollar The United States dollar (symbol: $; currency code: USD) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it int ...

for the first time since May 2022. This all resulted in a

liquidity crisis In financial economics, a liquidity crisis is an acute shortage of ''liquidity''. Liquidity may refer to market liquidity (the ease with which an asset can be converted into a liquid medium, e.g. cash), funding liquidity (the ease with which borrow ...

with the company unable to pay off the withdrawals. On 8 November, rival Binance announced plans to buy the company to save it from collapse. This sent shockwaves through the crypto market and led to a 10% drop in

price and a 15% drop in Ether price. The following day, however, Binance immediately withdrew its offer causing Bitcoin and Ether to plummet another 14% and 16%, respectively, to their lowest levels since November 2020. The same day, the SEC and Justice Department launched an investigation into the company. FTX filed for bankruptcy protection on 11 November.

Characterization as 'bubble'

has been characterized as a

by eight winners of the Nobel Memorial Prize in Economic Sciences:

Paul Krugman Paul Robin Krugman ( ; born February 28, 1953) is an American New Keynesian economics, New Keynesian economist who is the Distinguished Professor of Economics at the CUNY Graduate Center, Graduate Center of the City University of New York. He ...

Robert J. Shiller Robert James Shiller (born March 29, 1946) is an American economist, academic, and author. As of 2022, he served as a Sterling Professor of Economics at Yale University and is a fellow at the Yale School of Management's International Center fo ...

Joseph Stiglitz Joseph Eugene Stiglitz (; born February 9, 1943) is an American New Keynesian economist, a public policy analyst, political activist, and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2 ...

Richard Thaler Richard H. Thaler (; born September 12, 1945) is an American economist and the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business. In 2015, Thaler was p ...

, James Heckman,

Thomas Sargent Thomas John Sargent (born July 19, 1943) is an American economist and the W.R. Berkley Professor of Economics and Business at New York University. He specializes in the fields of macroeconomics, monetary economics, and time series econometric ...

Angus Deaton Sir Angus Stewart Deaton (born 19 October 1945) is a British-American economist and academic. Deaton is currently a Senior Scholar and the Dwight D. Eisenhower Professor of Economics and International Affairs Emeritus at the Princeton School ...

, and Oliver Hart; and by central bank officials including

Alan Greenspan Alan Greenspan (born March 6, 1926) is an American economist who served as the 13th chairman of the Federal Reserve from 1987 to 2006. He worked as a private adviser and provided consulting for firms through his company, Greenspan Associates L ...

, Agustín Carstens, Vítor Constâncio, and Nout Wellink. The investors

and

George Soros George Soros (born György Schwartz; August 12, 1930) is an American investor and philanthropist. , he has a net worth of US$7.2 billion, Note that this site is updated daily. having donated more than $32 billion to the Open Society Foundat ...

have respectively characterized it as a "mirage" and a "bubble", while the business executives

Jack Ma Ma Yun (; born 10 September 1964), or more commonly referred as Jack Ma, is a Chinese businessman and philanthropist. He is the founder of the Jack Ma Foundation, and co-founder of Alibaba Group and Yunfeng Capital. As of May 2025, Ma's ne ...

and J.P. Morgan Chase CEO

Jamie Dimon James Dimon ( ; born March 13, 1956) is an American businessman who has been the chairman and chief executive officer (CEO) of JPMorgan Chase since 2006. Dimon began his career as a management consultant at Boston Consulting Group. After earnin ...

have called it a "bubble" and a "fraud", respectively. However, Dimon said later he regrets calling Bitcoin a fraud. Other notable skeptics are

Bill Gates William Henry Gates III (born October 28, 1955) is an American businessman and philanthropist. A pioneer of the microcomputer revolution of the 1970s and 1980s, he co-founded the software company Microsoft in 1975 with his childhood friend ...

Microsoft Microsoft Corporation is an American multinational corporation and technology company, technology conglomerate headquartered in Redmond, Washington. Founded in 1975, the company became influential in the History of personal computers#The ear ...

co-founder and philanthropist;

Bruce Schneier Bruce Schneier (; born January 15, 1963) is an American cryptographer, computer security professional, privacy specialist, and writer. Schneier is an Adjunct Lecturer in Public Policy at the Harvard Kennedy School and a Fellow at the Berkman ...

, cryptographer, computer security expert, and public policy lecturer at

Harvard University Harvard University is a Private university, private Ivy League research university in Cambridge, Massachusetts, United States. Founded in 1636 and named for its first benefactor, the History of the Puritans in North America, Puritan clergyma ...

; and Molly White, author of the ''Web3 Is Going Just Great'' website. It has been suggested by Lee Reiners, a former

Federal Reserve The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of ...

economist, that "when this crypto bubble bursts — and it will burst — it will end up impacting people across the economy even if they don’t have direct investment in crypto”.