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Cryptocurrency has undergone several periods of growth and retraction, including several bubbles and market crashes, such as in 2011, 2013–2014/15, 2017–2018, and 2021–2023. [ 20 ] [ 21 ] On 6 August 2014, the UK announced its Treasury had commissioned a study of cryptocurrencies and what role, if any, they could play in the UK economy.