Cryptocurrencies have been the target of interest not only from investors and technology seekers, but also from celebrities and influencers. However, not everyone believes in this type of investment. Recently, “crypto skepticism” has gained traction, a movement spearheaded by a group of activists made up of policy experts and technologists.
The movement will have its first global conference, the Crypto Policy Symposium, on September 5 and 6, with around 800 participants from various countries. Speakers include Representative Brad Sherman, former US government attorney and law professor John Reed and actor Ben McKenzie, one of the technology's biggest opponents. The star, who starred in the series "The OC" and "Gotham", has written a book about crypto fraud.
Activists also release videos and podcasts in which they reveal reasons to distrust the cryptocurrency market. As an example, the Crypto Critics' Corner podcast, with 89 episodes at the moment, with an average score of 4.9 stars, brings digital currencies and finance as a theme, highlighting fraud, exchange hacks, exit scams and other illicit acts.
In addition, computer scientists, software engineers and technologists wrote, in June of this year, a letter addressed to the US Congress, asking for a more critical stance on cryptographic assets, defended by the industry as an innovative technology.
"We urge you to resist pressure from funders, lobbyists and digital asset industry drivers to create a regulatory safe haven for these risky, flawed and unproven digital financial instruments," the document reads.
Anti-crypto activism also gains strength with the start of regulation of digital tokens. European Union representatives have already established some new rules and US lawmakers are likely to follow suit in 2023.
The move will still face resistance from digital currency advocates. Regarding their future in the market, the anti-crypto group's opinions are divided between the belief that the market will collapse and that it will suffer a significant reduction.
