It appears Bitcoin is struggling a bit since the last time I checked in:
1 Year chart of Bitcoin value in US$ from CoinMarketCap.
Yeah, that’s down more than 50% from the year’s high. That cannot be comforting to the speculators who went big on Bitcon Bitcoin a few months ago. Michelle Singletary, a financial columnist for WaPo, is not a fan of holding large amounts of 401K money in cryptocurrencies.
But perhaps the best part of Singletary’s column was the reader “ArlingMay” who wrote, in part:
Call them “cryptoassets” or “cryptobets” but please don’t’ [sic] call them currencies. That label misleads the gullible.
The reader remarks were dominated by cryptocurrency haters, but I did like ArlingMay’s thought. I’m a skeptic myself, but I keep feelers out for attempts to dominate a forum in order to induce false estimations of an issue, but that one struck me as both earnest and true.
In any case, the volatility over a year of Bitcoin’s value is a strong indicator that Bitcoin does not qualify as a ‘currency,’ in my estimation. I still cannot figure the unique utility of Bitcoin, and I lean towards Erick Erickson’s view on the matter.
