Cryptocurrencies have surged in popularity and value over the past several years, with the cryptocurrency market valued at $1.6 billion in 2021 and projected to reach $2.2 billion by 2026. Various players in the field like bitcoin and ethereum have become household names, not only for their surging value but also for their extreme volatility. This has rendered their use as actual currencies tenuous, but they are attractive to many as high-risk investments. The most famous example, bitcoin, was valued at just 8 cents per bitcoin in 2010, $315 in 2015 and a staggering $20,089 in 2017 before plummeting to $7,112.73 in 2019. It is currently valued at nearly $35,000 per bitcoin a mere two years later.
Some cryptocurrencies have also gained a reputation for being used to facilitate criminal activities. Money laundering, fraud and other crimes involving cryptocurrency totaled $4.3 billion in 2019, a larger sum than the previous two years combined….