Source: Chief Executive
A White House recent economic report slams crypto and it is reported that the crypto executives are outraged with the report.
The report published on March 20 has included a section on digital currency for the first time since it's inception of issuing the annualy economic policy since 1950.
According to Fred Ehrsam, the co-founder of Paradigm which is a digital asset investment firm, the Economic Report devoted 15% of its space to "crypto FUD."
As per the report, crypto failed to deliver on their publicized benefits like improving the payment system etc.
It is stated in the report that crypto's innovation has been mostly about artificial scarcity in order to support prices of the crypto and many of them lack fundamental value.
The report also argues about crypto failing to perform the function of sovereign money such as USD as crypto have high volatility to be called a stable store of value. It is also stated that crypto can't act as a medium of exchange.
Stablecoins are also targeted in the report.
The report also shares other arguments related to crypto.
Crypto market has been going through some tough times with many big crypto companies collapsing. Crypto need to work on its use cases, work on bringing improvement in different sectors of economy, health etc, if it wants to prove itself to the world.
Any thoughts?
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