The mistake crypto crowd makes: it doesn't understand monetary economics

Crypto has been a highly unusual asset class for its entire history, but it won't act like that forever.

Just last week I argued that cryptocurrency is here to stay. Now I’d like to explain to some of my crypto friends why parts of the mainstream economics and financial world do not take them more seriously. To put it bluntly: Many of you do not understand monetary economics very well.

There are two common mistakes.

First, the dollar is not on the verge of collapse, nor will it be replaced by a crypto asset. The U.S. is one of the world’s two largest economies and the center of the English-speaking world. It has the power to tax, the strongest network