“The economy would be better off without cryptocurrencies as there would be more money for consumption and investment, Wermuth Asset Management says in a note. "No one has yet shown that cryptos have contributed to an acceleration of productivity growth and general welfare," Wermuth economist and partner Dieter Wermuth says. "But there were, and still are, significant costs." These include the socially undesirable redistribution of wealth in favor of crypto insiders, the high income of those who deal in a "fundamentally useless" asset at banks and asset managers, the costs to society by facilitating money laundering and tax evasion as well as the costs of running extremely expensive and climate-damaging IT systems, Wermuth says”

I’ve never seen someone so objectively uninformed about crypto talking like they should have any respected opinion on the matter