Ah, le crypto. It’s been a minute. Have you noticed the prices of late? About $600bn wiped from the “market value” in the past four weeks according to Coinmarketcap (though this “market value”, as we have said many a time before, is to be taken with a grain of salt even larger than the grains us salty no-coiners are smothered in). Bitcoin down to just above $47k at pixel time, having hit almost $70k last month.
Yes we know, 2021’s still been a decent year for the brodom. Bitcoin’s up about two-thirds since the start of January. Lol-coin Doge? Around 2,900 per cent. Yeah. (Though it’s down about 82 per cent from its Dogefather-fuelled May highs.)
Surely, at this point, there is no doubt that this is an “asset class” that needs to be taken v e r y s e r i o u s l y indeed. Institutional investors are getting involved! A sovereign state is buying it and issuing “ bitcoin bonds” with coupons offering . . . about half the rate of return of its regular bonds! Crypto must at this point not be too far from overtaking the dollar!
Well honestly, given that the FT refuses to employ anyone who will pump this stuff — outrageously — we are more than happy, as we have done (a lot) before, to simply direct our readers to the bros themselves to give you the spiel. Because let’s face it, they can sell this digital fairy dust better than any journalist, whose very choice of profession actually proves that they are NGMI.
We quote:
That’s why crypto is better and will ultimately beat fiat, you see. Because everyone will just keep making more and more money forever, and we will all just one day live in a meta-paradise where we are sold decentralised digital matter by the centralised fat cats who got into the schemes before us saltfaces, and all will be good and righteous.
Long live le crypto.
