Even the weirdest ideas sometimes start with a kernel of truth. The Bitcoin/crypto (GBTC) group has as one of its starting points the sound realization that government fiat money has no foundation and will eventually reach its intrinsic value of exactly zero.
So far so good. Crypto advocates made it through the first page of something written by Ludwig von Mises or Murray Rothbard 50 or 100 years ago.
But then the Bitcoin/crypto argument goes off the rails. It claims that you can replace one currency that has zero foundation – with another “currency” that also has zero foundation. Cryptocurrency does not exist in the real world. It’s fresh air in a bottle – minus the fresh air. And minus the bottle. It literally is nothing.
Eulogy made by Anton Wahlman