White House Economic Report: Cryptocurrency Falls Short of Promises

• The White House Council of Economic Advisers released the Economic Report of the President on March 20.
• Crypto assets are discussed on 30 pages of the Economic Report.
• Most of its comments on cryptocurrency assets draw attention to its issues and the need for regulation.

The White House Council of Economic Advisers has criticized crypto assets. In the Economic Report of the President, published on March 20, there are over 30 pages detailing the council’s thoughts on crypto assets. The report noted flaws and problems related to crypto assets.

The Economic Report noted, among other things, that none of the benefits promised by cryptocurrencies have materialized. These benefits include cryptocurrency’s promise to improve payment systems, increase financial inclusion, and more.

Looking under the hood at these arguments, however, shows a more complicated picture. So far, crypto assets have brought none of these benefits.

Furthermore, the Economic Report criticizes crypto assets as a form of investment. According to the report, crypto assets do not currently have a fundamental value, serve as a substitute for fiat currency, increase financial inclusion, or …

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