The Business Times

Jean Tirole

THE WRITER, THE 2014 NOBEL LAUREATE IN ECONOMICS, IS PROFESSOR OF ECONOMICS AT TOULOUSE CAPITOLE UNIVERSITY

The Bitcoin logo at the Upbit customer lounge in Seoul, South Korea, on Friday, Jan. 2, 2026. The world's 500 richest people added a record $2.2 trillion to their collective fortunes in 2025, as booming markets in everything from equities to cryptocurrencies to precious metals sent the value of their holdings soaring, according to the Bloomberg Billionaires Index. Photographer: SeongJoon Cho/Bloomberg

Is crypto an opportunity or a threat?

The technology’s costs outweigh the benefits, especially in the absence of stronger regulation

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