I appreciate the various arguments suggesting that bit coin is a bubble, but here is my question for the proponents of crypto out there:
If a sovereign nation needs the ability to print money to pay debt, and the U.S. government in particular has a vested interest in the dollar remaining the reserve currency for the rest of the world--thereby propping up demand for the dollar and holding inflation in check--why would most nations, and in particular, the United States, allow crypto to gain any traction as an actual medium of exchange? At some point, doesn't the United States legislate crypto out of existence?
“Since the fundamental value of bitcoin is zero and would be negative if a proper carbon tax was applied to its massive polluting energy-hogging production, I predict that the current bubble will eventually end in another bust,” Roubini wrote in an opinion column for the Financial Times on Wednesday.
