Bitcoin and Hawk Tuah Aren’t So Different

But crypto trading is thin and almost entirely unregulated—perfect conditions for commodity market manipulation.

Bitcoin remains a strangely useless asset that doesn’t do anything. All you can do with it is buy, sell, or hold. The only use for cryptocurrency other than pure zero-sum speculation is bitcoin’s original use case: evading regulations, most often for illegal purchases, money laundering, or dodging sanctions.

But in the end, gravity still works, and a balloon can be inflated only so much. The bitcoin bubble is an artifact of market manipulation and has no more economic substance than the Hawk Tuah coin does. The U.S. government may be ripe for plunder, but other nations need to take steps to shield themselves from the impact of rug-pulling on a global s... See more

Crypto is seen as the domain of cheap scammers. Ordinary people are not flocking into crypto.