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Tyler Cowen

The Future of Crypto Is Boring — and Bright

It’s worth remembering that, when it comes to economic affairs, unexciting can be exactly what you are looking for.

Someday, these will be unexciting.

Someday, these will be unexciting.

Photographer: Angel Garcia/Bloomberg

Crypto markets still have many puzzles, but they are beginning to reveal their secrets. The last few months of chaos show what Bitcoin and other crypto assets are good for: They are advanced tools of globalization, luxury goods for complex, well-functioning markets — not protections against the depredations of hostile governments.

One common story, especially popular in libertarian circles, has been that when inflation runs rampant and governments confiscate private wealth, crypto will be a vital refuge. It increasingly appears that this story is wrong.