The share of Americans holding crypto has been stuck at around 30 percent for the past four years. Demand is so slack that the owners of the heavy-duty hardware that mines new crypto are increasingly turning it into A.I. data centers.

 

Crypto Is Pointless. Not Even the White House Can Fix That.

By Ryan Cummings and Jared Bernstein

Mr. Cummings was a staff economist for President Joe Biden’s Council of Economic Advisers, on which Mr. Bernstein served as chair.