Crypto isn’t dead, but its core tenets are on life support. Gone is the illusion that
is an inflation fighter. The first serious bout of inflation since the 1970s has coincided with a 60% drop in Bitcoin’s price over the past year. Gone too is the case that Bitcoin is “digital gold.” The precious metal has cruised past Bitcoin, stocks, and bonds this year, falling just 6%.
But it would be a mistake to interpret the travails for Bitcoin as evidence that the whole industry is a blunder. Ethereum, the second-largest blockchain, just went through a major upgrade that could fuel a renaissance of crypto activity. Companies backing other blockchains still aim to establish new systems for financial products, payments, and digital assets.