Perfect speculative asset

Which is where Bitcoin and other cryptocurrencies enter the picture. Only in a monetary environment like this one could tokens with no intrinsic value (which, as they belong to a new asset class, are poorly understood and therefore difficult to price) trade for tens of thousands of dollars purely on the assumption that in the future they will trade for ever-larger sums of money.

Thus, instead of taking the place of government-issued fiat money, Bitcoin (alongside other cryptocurrencies) has evolved to become a perfect speculative asset. As people borrow dollars to speculate, Bitcoin is therefore supporting the demand for government-issued fiat currency and thereby supporting the current monetary system.

Which is a shame, because the promise of a transition to hard money that keeps its purchasing power, was and is much more appealing than remaining in our current monetary system which, by encouraging speculation at the expense of savings and productive investment, is leading us to a future of real poverty amidst paper plenty.

https://www.linkedin.com/pulse/why-i-hate-bitcoin-bryce-mcbride