The bull case for bitcoin (and other crypto variants) goes essentially like so: Monetization is going to happen, and the Gresham's Law saver pile-in will make it go "to da moon".
For those of you like myself who have paid attention since the 07-08 GFC, this is all sounding real familiar. Despite a spectacular run up, the best hype in the world, lunatic money printing and thousands of years of precedent gold still couldn't kill the dollar.
Much of this is because there is a category error in this thinking. Both crypto and USD are currencies and not money. They are mere vouchers for...something else (money). The precise nature of that something else is actually what matters.
As such, Gold being a money can't beat something it's not even in a race against. The bullion banks on the other hands were trounced handily because of both network effects and the intrinsic value disparities involved with the backing money.
Now you might be asking "hold on, the USD isn't backed by a dang thing!" That is unfortunately quite mistaken. In fact, in the case of everything but stablecoins (which are themselves bizarre backing themselves against other currencies and not monies), it is actually crypto which is backed by little more than hot air.
This is not to say there aren't strengths inherent to crypto, just that they are far from unique or non-transferable to other currencies. In fact, many of the fiat currencies out there are already experimenting with their own take on distributed ledgers.
The point here is simple; the future is crypto, yes. But not in the way those of us who wish for freedom want it. It's gonna be either a USD backed stablecoin or a directly FED issued shitcoin. The precedent already exists considering USD (which are *also* just ledger entries in a payment network you pay fees to use) to property, so this will be extended to crypto despite it being clear nonsense as pointed out by Vin Armani and others, regardless of the outcome of Bozo Craig Wright's lolsuit.
The reason for this is incredibly simple. It's the riddle of steel. Gold is strong, but H-Bombs are stronger.
Not only are ICBMs the most rare and expensive things humanity have ever produced; they also give one the power to never take no for an answer. It should come as no shock that they have all been driven out of circulation. They are more jealously hoarded than dragons do gold.
To be quite clear, the US Dollar is the empire. This is why despite an incredible speculative mania and it's many technical strengths against fiat currency, Crypto will still be a god that failed. Eventually the US Empire will too; but this vortex of corruption powered by satanic weaponry (despite it's feet of clay) have much longer legs than our current bull market.
This also sort of alludes to the core weakness in the dream of crypto. Sure, they can't seize your account without your consent. They can on the other hand hold you in contempt of court indefinitely and ensure you never enjoy the fruits of your labor, which is actually a worse outcome than if they had in fact seized it. Turns out Osama had the right idea to kill the dollar after all.
There will never be an escape from the power dimension of money. This is because freedom of action is the most valuable thing a person can have. And why governments invent nightmare weapons like MIRVed H-Bombs on ICBMs; so they can accumulate even more freedom of action.
There's a reason the ring of power was a gold ring. Like the Ring of Gyges, it's a platonic ideal of authority unburdened by responsibility. And what organization (and it's money!) on earth more fully embodies that ethos? You can take it to the bank!POSTSCRIPT
On a serious note, we're about to get some truly incredible inflation thanks to record levels of capital destruction, margin debt and low interest rates. This is gonna send bond yields to "da moon"...unless the FED decides to sop up all this dough in an accumulator (which is what IOER did with the GFC) and spread it out over a number of years to conceal massive deflation due to malinvestments liquidating.
In short, they're gonna try and kick the can down the road yet again. The difference this time is the massive iceberg of capital destruction nobody yet fully grips the extent of thanks to lockdown. As such, they're guaranteed to fumble this one, and badly. It's unclear whether it will be in the direction of inflation or deflation. The only thing which is clear is that either the savers & producers or the wall street casino will get run over. My money's on the former.
If we think our market is a bizarro world with 0 connection to reality, I think we ain't seen nothin' yet. This might finally be Mises' crack-up boom. The incredible social upheval over the last year and the Cathedral's total incorrigible dementia pushing us towards civil unrest won't make this any better.