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“Sorry, Bitcoin Fans. Digital Currency Is Still a Dream.” – Bloomberg | $13,996.74

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I have been waiting for decades for someone to invent a purely digital currency, a currency for online purchases that wasn’t linked to a credit card. It was the killer app (as we used to say) that no one ever figured out.

Thus when Bitcoin first emerged, I had hoped that it would be The One. What the Bitcoin bubble shows, however, is that Bitcoin is just another e-currency failure.

Whatever the original intention, Bitcoin has morphed into an asset whose only purpose is speculation. “There is simply no way to predict what it will be worth,” said Pete Kight, a fintech investor who founded Checkfree in 1981. That is its fatal flaw as an electronic currency.

The other flaw is the very quality that many of its adherents love most about it: It operates separately from the government’s fiat currency. “I call it the tyranny of brilliance,” said Kight. “When you work in fintech, you often see engineering genius get out of synch with what works in the real world.”

But we’ll have to wait a little longer for an electronic currency that works.

Eulogy made by Joe Nocera

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital. 99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.

Maria Martinez is an esteemed blockchain enthusiast who has spent many years as a writer specializing in cryptocurrency and blockchain technology. With over a decade of experience navigating the complexities of this niche, Maria brings a meticulous eye for detail and an unwavering commitment to accuracy. Her background includes a degree in economics and her expertise is further solidified by her extensive research capabilities, writing experience, and her reputation for impartiality. Respected by both her peers and readers alike, Maria is dedicated to delivering reliable and trustworthy information that enhances the credibility of our content.

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