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The extraordinary volatility of bitcoin and other cryptocurrencies has become a threat not just to the international financial system, but also to political order.Money is part of the social fabric.Whatever the case, there is a clear pattern throughout history: Bad states produce bad money, and bad money leads to failed states.Dropping money could very well be more devastating than dropping bombs.Bitcoin looks like a 21st-century version of gold, and its creators have even embraced that analogy.At the same time, cryptocurrencies like bitcoin have made it all but impossible to distinguish between state and private sector criminality.Major cryptocurrency platforms such as Coincheck in Japan have also put a halt to trading.And yet we have already reached the point where a bitcoin crash could have serious global implications.
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