Why Boycott Cryptocurrency?
Cryptocurrency is marketed as innovation - but its real-world impact is deeply troubling. From environmental destruction to financial fraud, crypto poses serious risks to society. This site is your guide to understanding those harms and taking action.
Environmental Impact
- Bitcoin mining consumes more electricity than entire countries like Sweden.
- Much of this energy comes from fossil fuels, accelerating climate change.
- Proof-of-work systems incentivize wasteful hardware and energy use.
Source: Brookings Institute
Scams & Financial Crime
- Crypto-related investment fraud cost Americans $2.57 billion in 2022.
- Crypto enables money laundering, ransomware, and illicit trade.
- Victims of scams often have no legal recourse or consumer protection.
Source: Americans for Financial Reform
Also read: CNN Report on Crypto ATM Scams
Also read: Cryptocurrency Investment Fraud
Also read: Chairman of Prince Group Indicted for [...] Cryptocurrency Fraud Schemes
Economic Inequality
- Crypto wealth is concentrated - just 94 wallets hold over 10,000 BTC each.
- Most retail investors lose money due to market manipulation and volatility.
- Crypto distracts from inclusive financial reform and deepens inequality.
Source: AFR Fact Sheet
Policy & Regulation
- Crypto operates in legal gray zones, avoiding accountability.
- Lobbying efforts prioritize investor profits over public safety.
- Regulators struggle to keep pace with evolving crypto schemes.
Source: Brookings Institute