Why cryptocurrencies aren’t going away

What’s it take to get a little respect? In a Congressional Financial Services subcommittee hearing last week, congressmen expressed “deep skepticism” about cryptocurrencies, echoing critics’ claims that cryptocurrencies are nothing but a pyramid scheme updated for the electronic age. Rep. Brad Sherman (D-Calif.) stated emphatically, “Cryptocurrencies are a crock.” And last week, bitcoin — the best known of the cryptocurrencies — slipped to a new low under $8,000 after peaking around $18,000 in late 2017.

But maybe bitcoin and its cryptocurrency relations are more than that. Maybe they are a sign of the times.