Bitcoin Isn’t the Bubble — The Global Financial System Is


by Michael Krieger, Liberty Blitzkrieg:

Last week, I was offered an opportunity to write an opinion piece for The Hill. I took advantage of the offer and put something together addressing the whole “is Bitcoin a bubble” debate, and I’m pleased to say it was published earlier this morning.

It’s important to me that I don’t just preach to the choir when it comes to my unconventional views, and I hope this will help me reach a wider and more mainstream audience.

Below are a couple brief excerpts from the piece, published in full at The Hill:

For one thing, bubbles don’t do what bitcoin has done since its inception in 2009…They don’t come right back a couple of years later and soar again to a new price 10 times greater than the previous bubble’s high, which is what bitcoin has done after each one of its three or four previous “bubbles” burst.

The real bubble is larger and far more dangerous, and it lies at the heart of the global financial system. If anything, bitcoin and other crypto assets are merely providing an escape hatch from this legacy system, while simultaneously offering an opportunity for a better and more decentralized future.

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