And Bitcoin, to my chagrin, makes a new high in gold terms. But can it survive a dollar crunch banking crisis? If it can, I was wrong. But I'm betting it can't.
As everyone knows, Bitcoin was conceived as a decentralized payment system but has since been rebranded as a store of value. Its price has been propelled higher by demand created by new centralized and financialized derivatives.
The more I think about all of the elisions of truth surrounding Bitcoin the more it seems to me that it cannot be money. Money has to be the most stable and most liquid of commodities. Bitcoin is neither. Bitcoin’s price behavior more resembles a Realestate craze.
As everyone knows, Bitcoin was conceived as a decentralized payment system but has since been rebranded as a store of value. Its price has been propelled higher by demand created by new centralized and financialized derivatives.
The more I think about all of the elisions of truth surrounding Bitcoin the more it seems to me that it cannot be money. Money has to be the most stable and most liquid of commodities. Bitcoin is neither. Bitcoin’s price behavior more resembles a Realestate craze.
Rafi, where is your biblical commentary? I thought that is what I was getting when I paid the subscription.
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