Odd Lots
It Might Be a Problem That Hardly Anyone Is Spending Bitcoin
A man looks at an app to send Bitcoin in El Salvador on Sept. 4, 2021. (Photo by MARVIN RECINOS/AFP via Getty Images)
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One of the longest-standing criticisms of Bitcoin is that nobody actually uses it as a currency. OK, “nobody” might be a bit of an exaggeration. But by and large, actual spending of Bitcoin is not a very popular thing to do, even among the people who are really into it.
For the most part, Bitcoin’s adherents are into holding (HODLing) it, and if anything they argue that holding and saving it is, in fact, using it. Its use is in fighting inflation or currency debasement. Of course, Bitcoin has done incredibly well with this narrative, with a total market cap just under $900 billion.