#Bitcoin will come back strong in 2024

Although cryptocurrencies suffered a major shock in 2022, due to rising interest rates, they came back to life several months later, making experts wonder why this industry, which appears to be “indestructible,” continues, according to the Economist magazine’s description.

Although Changpeng Zhao and Sam Bankman Fried, founders of the largest and second largest cryptocurrency exchanges in the world, are awaiting the court’s ruling after the first pleaded guilty and the second was convicted by a jury last month, on charges of committing financial crimes, cryptocurrencies were not only able to survive, but they flourished. Recently.

After Bitcoin suffered a decline in its price to only $16,600 at the beginning of this year, it reached its highest level in two years at $45,000 on December 11.

what is happening?

The magazine sees this industry as a “scourge”, as criminals use cryptocurrencies to launder money, terrorists use them to make payments, hackers demand ransoms in Bitcoin, and many cryptocurrencies are simply created so that their creators can steal money.

She says the inability to crush the crypto giant appears to be a feature “built into their technology. Bitcoin, ether and other cryptocurrencies are not companies, so they cannot go bankrupt or be shut down.”