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In 2014, Gareth Murphy, a senior banking officer, instructed that the widespread adoption of cryptocurrencies could lead to too much money being obfuscated, blinding economists who would use such info to better steer the economy. Of 1,000 respondents between the ages of eighteen and forty, 70% wrongly assumed cryptocurrencies have been regulated, 75% of youthful crypto buyers claimed to be driven by competition with family and friends, and 58% mentioned that social media enticed them to make high danger investments. The criticisms embrace the shortage of stability of their value, the high power consumption, high and variable transactions prices, the poor security and fraud at cryptocurrency exchanges, vulnerability to debasement (from forking), and the affect of miners. The Financial Institution for International Settlements summarized several criticisms of cryptocurrencies in Chapter V of their 2018 annual report. In 2022, cryptocurrencies attracted consideration when Western nations imposed extreme financial sanctions on Russia in the aftermath of its invasion of Ukraine in February.
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