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In 2014, Gareth Murphy, a senior banking officer, advised that the widespread adoption of cryptocurrencies might lead to too much cash being obfuscated, blinding economists who would use such data to higher steer the economy. Of 1,000 respondents between the ages of eighteen and forty, 70% wrongly assumed cryptocurrencies had been regulated, 75% of younger crypto investors claimed to be driven by competitors with family and friends, and 58% mentioned that social media enticed them to make high risk investments. The criticisms embrace the lack of stability of their value, the excessive vitality consumption, high and variable transactions prices, the poor safety and fraud at cryptocurrency exchanges, vulnerability to debasement (from forking), and the affect of miners. The Bank for International Settlements summarized a quantity of criticisms of cryptocurrencies in Chapter V of their 2018 annual report. In 2022, cryptocurrencies attracted attention when Western nations imposed severe economic sanctions on Russia in the aftermath of its invasion of Ukraine in February.
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