It’s been a puzzle to explain why bitcoin’s gone parabolic. Why would we expect the way down to be any different?
The practical applications for cryptocurrencies to facilitate legal commerce appear hampered by relatively expensive transaction fees and the high energy costs associated with mining at this juncture. On this note, Nobel Prize-winning economist Joseph Stiglitz said that bitcoin “ought to be outlawed” because “it doesn’t serve any socially useful function.”
Former Fed Chairman Alan Greenspan has said that “you have to really stretch your imagination to infer what the intrinsic value of bitcoin is,” calling the cryptocurrency a “bubble.”
Perhaps it could end like the dot-com bubble — with investors who have no clue how to value high-flying assets fleeing for the exit en masse.
Eulogy made by Joseph Stiglitz, Alan Greenspan
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