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Is cryptocurrency ethical?

Summary: An ethical assessment of “crypto” paints a bleak picture. The negatives overwhelm the positives. Claims for moral benefits of the technology do not hold up under scrutiny. If there is a reason for cryptocurrency to exist, it must derive from other considerations (e.g., economic advantages). There are three ways of thinking about crypto:

Are cryptocurrencies morally acceptable?

Insofar as cryptocurrencies facilitate bypassing government prohibitions regarding nefarious consumption, their use should be considered morally acceptable. Cryptocurrencies are thus liberty-enhancing from a property rights perspective. 13

How does cryptocurrency affect the environment?

The cryptocurrency market and the technology that supports it have exposed ethical risks that, as a society, we must face. Finally, the blockchain technology itself requires excessive energy consumption, which has a negative impact on the environment.

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