Stephen Diehl: Crypto is the ‘commoditisation of populist anger, gambling and crime’
“After 14 years, [crypto] is still a solution in search of a problem. It’s not building a new financial system. It’s not building a new internet. It’s not an asset uncorrelated with the market. It’s not a hedge against inflation. It is a vehicle for pure, naked speculation detached from anything in the economy. It’s a casino that’s wrapped in all of these lies. When you tear back those lies, what’s left looks like a net negative for the world.” – Phillip Diehl, author, Popping the Crypto Bubble
USAGOLD note: Diehl says the chase for crypto profits “reveals a lot of our dark tendencies” and that young people already throttled by the financial crisis and the pandemic are its most consequential victims. His observations follow along the lines of Niall Ferguson’s posted here earlier today. Before you buy the dip, you might want to read this interview.