Bitcoin is a defence against monetary madness
1 min read
Nobody knows how central bank money-printing will end, which is why ordinary people have sought a hedge It swings around wildly in price. It consumes more energy than all the gas-guzzling SUVs in Chelsea put together. And, as well as legitimate investors, it is used by drug dealers and terrorists to shuffle assets through the…
Nobody knows how central bank money-printing will end, which is why ordinary people have sought a hedge
It swings around wildly in price.
It consumes more energy than all the gas-guzzling SUVs in Chelsea put together. And, as well as legitimate investors, it is used by drug dealers and terrorists to shuffle assets through the financial system. Anyone watching the wild trading in Bitcoin and the other crypto-currencies over the last few days will have had all their prejudices about digital money confirmed. This stuff is flimsy, eccentric, and dangerous, and the sooner we are rid of it the better.
But hold on. For all the volatility in the market, we need crypto-currencies like Bitcoin more than ever. Sure, the price swings may be a little, er, extreme. Yet in a world where central banks are printing cash with abandon, and where governments have settled on a consensus that they can spend without limits, there is value in an alternative to state-controlled money.
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