1. United States
2. Wash.
3. Letter

As we approach the holiday season, I implore you to refrain from promoting or endorsing cryptocurrencies like Bitcoin. These virtual currencies pose grave risks to our financial stability and retirement security. Far from being legitimate investments, cryptocurrencies facilitate wealth extraction from productive economic activities, eroding the value of real currencies like the US dollar. The European Central Bank warns that non-holders have valid reasons to oppose Bitcoin, as its success relies on redistributing wealth from the broader public. Rather than creating value, crypto profits come at our collective expense. Furthermore, hostile foreign actors like Russia explicitly aim to destabilize our financial system through cryptocurrencies and debt defaults, undermining American sovereignty. We must resist becoming unwitting tools in this nefarious scheme. I urge you to dissuade friends and family, particularly younger generations, from the siren song of getting rich through cryptocurrencies. Encourage them instead to seek productive employment that creates tangible value for society. Collectively rejecting this fantasy is critical to safeguarding our economy and democratic institutions.