After the fall: Bitcoin’s true legacy may be blockchain technology

Abstract

ABSTRACT Bitcoin and its peers have set off a technological revolution that will transform money, finance, and society. However, the future of cryptocurrencies as financial assets is far from certain – as can be seen from Bitcoin’s halving in value in six months since November 2021; the total value of all cryptocurrencies fell from $3 trillion to $1.3 trillion over this period. Rather, it is the underlying technology that enables cryptocurrency – the blockchain – that is likely to prove its true legacy.