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The dark side of cryptocurrency
cryptocurrency

The dark side of cryptocurrency

Cryptocurrency fuels speculation, crime, and environmental harm, raising urgent calls for stricter financial oversight and regulation.

August 5, 2025
5 min read
Guardian staff reporter

Cryptocurrency fuels speculation, crime, and environmental harm, raising urgent calls for stricter financial oversight and regulation.

The Dark Side of Cryptocurrency

Cryptocurrency has been hailed as a revolutionary form of digital money, but its darker aspects are increasingly coming under scrutiny. Andrew Bailey, the head of the British financial system, has distanced the UK from cryptocurrency, yet many argue that this stance is too polite given the risks involved. Cryptocurrency is inherently speculative and serves little purpose as a stable currency. Its secretive nature facilitates illegal activities such as international drug trafficking, people smuggling, and terrorism. Beyond these social harms, the environmental impact of cryptocurrency mining is significant, contributing to a large and unnecessary carbon footprint. The financial authorities are urged to confront the realities of cryptocurrency, speaking truth to its dangers and taking decisive action to regulate or restrict its use. Without such measures, the destabilizing effects on global security and the environment will only worsen.
Letter excerpts from readers highlight the urgency of addressing cryptocurrency's negative impact. Nick Makepeace Narberth, Pembrokeshire
"Cryptocurrency is evil. Being speculative in nature, it serves no purpose as a useful currency, and being secretive, it facilitates international drug dealing, people trafficking and terrorism. In addition to helping destabilise our precarious world, it has a huge, unnecessary carbon footprint. It’s time for our financial authorities to speak truth to money."
Explore more on these topics:
  • Cryptocurrencies
  • Brief letters
    • This article reflects growing concerns about cryptocurrency’s role in modern finance and society.
    Source: Originally published at The Guardian on Tue, 05 Aug 2025 17:05:26 GMT

    Frequently Asked Questions (FAQ)

    What are the primary concerns regarding cryptocurrency mentioned in the article?

    The article highlights several key concerns:
  • Speculative Nature: Cryptocurrency is described as being inherently speculative, serving little purpose as a stable currency.
  • Facilitation of Illegal Activities: Its secretive nature is seen as a tool for illegal activities like international drug trafficking, people smuggling, and terrorism.
  • Environmental Impact: The significant carbon footprint associated with cryptocurrency mining is also a major concern.

    • What is the stance of the head of the British financial system on cryptocurrency?

    Andrew Bailey, the head of the British financial system, has distanced the UK from cryptocurrency. The article suggests that this stance might be too lenient given the perceived risks.

    What actions are financial authorities urged to take?

    Financial authorities are urged to confront the realities of cryptocurrency's dangers, speak truthfully about them, and take decisive action to either regulate or restrict its use to mitigate negative impacts on global security and the environment.

    What is the opinion of Nick Makepeace regarding cryptocurrency?

    Nick Makepeace from Narberth, Pembrokeshire, unequivocally calls cryptocurrency "evil." He criticizes its speculative nature, its lack of usefulness as a currency, and its role in facilitating criminal activities. He also points out its substantial and unnecessary carbon footprint and calls for financial authorities to address these issues.

    Crypto Market AI's Take

    The concerns raised in this article about the speculative nature, illicit use, and environmental impact of cryptocurrencies are significant and have been subjects of ongoing debate within the financial and technological communities. At Crypto Market AI, we understand these challenges and strive to provide tools and insights that promote responsible engagement with the digital asset space. Our platform emphasizes the importance of robust market analysis and informed decision-making. For those seeking to understand the underlying technology and market dynamics, our comprehensive Guides Hub offers valuable educational content. Furthermore, our platform leverages advanced AI capabilities, including AI-powered trading bots, designed to assist users in navigating the complexities of the crypto market with enhanced data analysis and strategy execution.

    More to Read:

  • The Future of Cryptocurrency: Trends and Predictions for 2025
  • Understanding the Environmental Impact of Bitcoin Mining
  • Navigating Crypto Regulations: A Global Overview
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