Crypto Faces New Risks as It Enters Mainstream: Allison Schrager

I have long been a crypto skeptic, but as it worms its way into America’s financial infrastructure, it is getting harder and harder for me to maintain the argument that it will crash and burn. So I have revised my opinion. Crypto does have a future — as a speculative asset that enhances risk for gamblers, the paranoid, and less sophisticated investors, all the while diverting capital from more productive uses.

See? I told you I had changed my mind.

Something about crypto has never sat well with me. It contradicts everything I understood about money: It is ...