The cryptocurrency world was the subject of much derision in early 2018. It had all the signs of a bubble, complete with shady promoters, a speculative frenzy and investors with precious little knowledge piling into the market. I was a vocal bear at the time, but no longer. There has never been a greater need for a stateless currency and store of value held outside the financial system.
Sure, Bitcoin behaves a bit more like an asset than a currency at this point; there’s not much you can buy with it, and most people intend to simply buy and hold it forever. And the “forever” part doesn’t really make any sense, with the die-hard crypto fans thinking that someday there will be no cash and we will just be zipping Bitcoin around between our phones to pay for things. Maybe. Admittedly, it hasn’t been a terrific store of value, as it is prone to getting vaporized fairly frequently. Perhaps it is a feature, not a bug.