Fed Should Get Real About Its Role in Crypto's Volatility | Mercatus Center

Sparking New Thinking
- Read Discourse magazine
  Online journal dedicated to promoting and defending
  classical liberal values with new and innovative thinking
- Program on Pluralism and Civil Exchange
  Building pathways toward a free and pluralistic society
Exchanging Insight
- Conversations
  with Tyler
  Interviews with today’s
  underrated thinkers
- Macro Musings
  Deep dives into critical
  macroeconomic issues
- Ideas of India
  Explorations of vital questions
  in Indian political economy
- Hayek Program
  Podcast
  Lectures and discussions on
  political economy
Funding Innovation
- Emergent Ventures
  Grants and fellowships for talented individuals with unique
  ideas for changing the world

Advancing Ideas
- Sparking New Thinking
  - Read Discourse magazine
    Online journal dedicated to promoting and defending
    classical liberal values with new and innovative thinking
  - Program on Pluralism and Civil Exchange
    Building pathways toward a free and pluralistic society
- Exchanging Insight
  - Conversations
    with Tyler
    Interviews with today’s
    underrated thinkers
  - Macro Musings
    Deep dives into critical
    macroeconomic issues
  - Ideas of India
    Explorations of vital questions
    in Indian political economy
  - Hayek Program
    Podcast
    Lectures and discussions on
    political economy
- Funding Innovation
  - Emergent Ventures
    Grants and fellowships for talented individuals with unique
    ideas for changing the world
Research
- Scholars
  - Learn more about our scholars and find their
    latest work
- Topics
- Tools
  - QuantGov
    Open-source policy analytics
    platform
  - Research Library
    Archive of our research
    with advanced search tools
- Policy Commentary
  - Mercatus Policy Digest
    Latest policy ideas and analysis from our scholars
Students
- Fellowships
  - Academic & Student Programs
    Political economy training and support for students at Mason and universities around the world
- Online Economics Education
  - Visit Marginal Revolution University
    Online platform providing a world-class economics education to everyone, everywhere for free

Federal Reserve

Expert Commentary

May 24, 2021

Fed Should Get Real About Its Role in Crypto's Volatility

American Banker

Thomas Hoenig

Distinguished Senior Fellow

Cryptocurrencies have no intrinsic value, but neither do most national currencies. Read more at American Banker.

Financial Markets