ANALYSIS – In recent years, cryptocurrencies have served more to speculate than to develop a new use. Will they soon be relegated to the storehouse of forgotten speculative objects?
The bursting of the cryptocurrency bubble forces us to ask ourselves a major question: is it a crisis of youth as was the case in 2000 with the internet? Or is it a speculative crisis like the subprime mortgages of 2008 or the junk bonds of the 1990s? In the first case, the underlying asset remains promised to a bright future. In the second, he will be relegated to the storehouse of forgotten speculative objects.
It’s time for an existential question. For its defenders, cryptocurrency is the future of decentralized finance, based on an inviolable computer protocol and free of any attempt at state manipulation. The vision of Satoshi Nakamoto, the mysterious creator of bitcoin, would sweep away classic theories of money, from Milton Friedman to John Maynard Keynes. But doesn’t that amount to replacing the essential notion of trust in money with a more random notion of belief in cryptocurrencies?
Let’s get back to basics. Currency responds to three…