Digital Economy: Some Underestimated Benefits of the Cryptocurrency Mania

Cryptocurrencies have given rise to extreme excitement and controversy. There is a continuing debate on whether they will flourish or disappear. This essay argues that an even more interesting and important issue involves the implications of the cryptocurrency mania for the evolution of our society. What matters about cryptocurrencies and related subjects, such as blockchain, is not really their technology. That technology is neither novel nor revolutionary. The key factors are trust and crowd psychology, which are driving us toward the post-truth world in which groupthink helps create "alternate realities." The cryptocurrency scene provides insight into these developments, which are consistent with those in many related areas, such as the growth of disinformation, deepfakes, and AI.