Cryptos Rising

And so they are.

But not that I get it.

First, which government has ever ceded money supply to the people, let alone some decentralized system than doesn’t allow for a SKIM?

NONE.

Second, a highly speculative asset cannot also serve as a universal currency.  It can be one or the other, not both.  The moment it’s universal, it simply is what it is AS DENOMINATED.  And if it’s not universal, then it’s still trading against some other value-benchmark which allows for continuing volatility, something which, by definition, HURTS a currency.

And since China has already renounced decentralized crypto in favor of what is likely to be a gold-backed central bank digital currency, there will never be the kind of universality a decentralized currency would require.  So, crypto will remain, for the foreseeable future, a volatile asset.

My only qualifier is this.  Crypto’s speculative value could be an expression of the US Dollar’s weakness or even an early-warning expression of how little a hyperinflated US Dollar might be worth.

Think of how many dollars it costs to buy one Bitcoin? 

And, of course, the forerunner to this is the US Dollar’s value vs. an ounce of gold, an ongoing fire sale.

Still, if anyone can show me the action plan by which decentralized cryptocurrencies and decentralized finance will take over the world, irrespective of the wishes, input and extractive tendencies of nation-states and their central bank partners, I’M ALL EARS!