The delusions behind a bitcoin strategic reserve
https://www.ft.com/content/73fa6fd9-6f34-4e59-8f0f-04de3be7387a
Perhaps in a collapse an asset like bitcoin could prove valuable. Historically, however, bank money has re-emerged from the rubble of every catastrophe. We rely on dollars not because we’re stupid, but because a bank is literally a licence to print money, and a state has not yet been founded that can prevent powerful people from getting that licence. A long-term bet on bitcoin is bullish on the permanent collapse of all institutions, everywhere. It’s a nuclear put.
https://www.ft.com/content/73fa6fd9-6f34-4e59-8f0f-04de3be7387a
Perhaps in a collapse an asset like bitcoin could prove valuable. Historically, however, bank money has re-emerged from the rubble of every catastrophe. We rely on dollars not because we’re stupid, but because a bank is literally a licence to print money, and a state has not yet been founded that can prevent powerful people from getting that licence. A long-term bet on bitcoin is bullish on the permanent collapse of all institutions, everywhere. It’s a nuclear put.