By redistributing power away from the government and Wall Street and to the people, cryptocurrency will democratize finance, enthusiasts of the digital money say. Economist Eswar Prasad, however, foresees a more complicated and, at times, dangerous reality. In Prasad’s telling, bitcoin is likely one long-lasting bubble, and digital money could leave the government with more control than ever, while making wealth inequality much worse. He sees other risks, too. “Cryptocurrencies may contribute to monetary and financial instability, especially if they were to spawn a large and unregulated financial system that lacks ... (full story)