Yes — insofar as cryptocurrency market valuation is based entirely on narrative.
No — in terms of it being possible to spend and store bitcoin sans trusted third parties.
(E.g. a Chilean real estate project developer — a Canadian expat without Chilean residency — once explained to me he had no choice but to use bitcoin in SA because the banks there refused to process his company’s regular large wire transfers.)
Bitcoin is in fact a bearer instrument, regardless of your beliefs about its credibility. How many national currencies are bearer instruments also without credibility in your eyes, for instance, and where does Bitcoin rank on that list?
> Unless crypto finds a way to become just a normal currency, it'll go the way of all memes over time: dead, once everyone and their grandma is sharing it.
That’s a narrative no better than any other which gets fielded every day on the crypto markets, although the benefactor of it is unclear to me. Cash and cryptocurrency are incredibly liquid compared to competing PMs and real estate. The S&P is down since 1970 when measured in gold, and central banks are racing to inflate fiat currencies.
Yes — insofar as cryptocurrency market valuation is based entirely on narrative.
No — in terms of it being possible to spend and store bitcoin sans trusted third parties.
(E.g. a Chilean real estate project developer — a Canadian expat without Chilean residency — once explained to me he had no choice but to use bitcoin in SA because the banks there refused to process his company’s regular large wire transfers.)
Bitcoin is in fact a bearer instrument, regardless of your beliefs about its credibility. How many national currencies are bearer instruments also without credibility in your eyes, for instance, and where does Bitcoin rank on that list?
> Unless crypto finds a way to become just a normal currency, it'll go the way of all memes over time: dead, once everyone and their grandma is sharing it.
That’s a narrative no better than any other which gets fielded every day on the crypto markets, although the benefactor of it is unclear to me. Cash and cryptocurrency are incredibly liquid compared to competing PMs and real estate. The S&P is down since 1970 when measured in gold, and central banks are racing to inflate fiat currencies.