So Bitcoin hit $100k last week

 So Bitcoin hit $100k last week.

I am skeptical of cryptocurrency. While proponents argue that Bitcoin represents a special case due to its artificial scarcity, the reality is that after more than a decade, crypto has failed to establish meaningful, widespread real-world utility.

The most compelling use case for cryptocurrency appears to be during periods of national crisis. In scenarios like the war in Ukraine, individuals have used crypto as a lifeline – converting your local currency to crypto and transferring it overseas, escaping through the borders, and withdrawing and exchanging the crypto into real money.

However, other proposed applications such as DeFi, web3, and in-game currencies, have largely fallen short – because for these use cases, cryptocurrency offers no real advantages over traditional fiat currency. The friction of conversion, volatility, and complex technological barriers outweigh the theoretical benefits.

The cryptocurrency ecosystem seems primarily driven by venture capitalists seeking short-term gains through pump-and-dump strategies. Even in this speculative realm, crypto is no more effective than traditional listed shares. 

In markets like Indonesia, for instance, listing and manipulating stocks remains relatively straightforward – companies (even unprofitable ones) can list in the IDX, be artificially inflated, and then strategically dumped when FTSE or MSCI index inclusion forces passive funds to purchase.  Anyone bought into BREN lately?