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Lionel Laurent

Jamie Dimon and Warren Buffett Have the Last Laugh on Bitcoin

Cryptocurrency’s economic delusions are unravelling. None of Bitcoin’s utopian promises have come to pass, but regulators must stay vigilant.

Unhappy birthday.

Unhappy birthday.

Photographer: Ulrich Baumgarten/Getty Images

Bitcoin turns 10 this year, but there’s not much to celebrate. Its price has tumbled to near $4,000, down 30 percent in a month, 50 percent in six months and almost 80 percent since December.

The cryptocurrency experts, who clearly didn’t see this coming, are blaming all sorts of temporary culprits — from jittery markets to “hard forks” (blockchain jargon for radical technical changes in a digital currency). But they’re kidding themselves. This is a long-term unraveling of all of the lies, exaggeration and populist fantasies that drove last year’s market mania.