This is an excellent article! I really love your content. It's so important we educate ourselves and others about the crypto realm. Cause its an unfathomable shit show.
Gold up 60%, Bitcoin down 6% — that's the "store of value" narrative dead on arrival. But the failure goes deeper than the gold comparison. Bitcoin has now burned through every monetary claim it's ever made: currency (can't price goods with 20% daily swings), digital gold (actual gold won the debasement trade), and now political asset (patron cratering). Each failure traces back to the same structural impossibility: crypto can't simultaneously be "currency" and "investment." The speculation that drives returns is exactly what prevents it from functioning as money. Your stablecoin analysis nails the punchline — the only crypto that works as money does so by surrendering to the fiat system. I wrote about why this contradiction was always baked in: https://www.mecrankyoldguy.com/p/is-cryptocurrency-currency
This is an excellent article! I really love your content. It's so important we educate ourselves and others about the crypto realm. Cause its an unfathomable shit show.
Thanks Lucia! Really appreciate it.
Gold up 60%, Bitcoin down 6% — that's the "store of value" narrative dead on arrival. But the failure goes deeper than the gold comparison. Bitcoin has now burned through every monetary claim it's ever made: currency (can't price goods with 20% daily swings), digital gold (actual gold won the debasement trade), and now political asset (patron cratering). Each failure traces back to the same structural impossibility: crypto can't simultaneously be "currency" and "investment." The speculation that drives returns is exactly what prevents it from functioning as money. Your stablecoin analysis nails the punchline — the only crypto that works as money does so by surrendering to the fiat system. I wrote about why this contradiction was always baked in: https://www.mecrankyoldguy.com/p/is-cryptocurrency-currency