👺💰🌎 Jamie Dimon lashes out against crypto: ‘If I was the government, I’d close it down’ 👺💰🌎
(www.cnbc.com)
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Crypto is a niche investment for niche investors. It will never go mainstream because it doesn't follow one of the fundamental rules of "money": ease of use and transfer.
Everyone knows the steps involved in using money: Go to the bank/ATM, insert your card, type in your PIN, wait a few seconds, take your money.
Everyone knows the steps involved in using bullion: Go online or to physical store, buy your bullion with check or cash money, take your bullion.
Few people know the steps involved with using crypto. I once documented the steps for myself, just so I could repeat them whenever I needed to do so, using the various platforms available. iirc I document about 25 steps in order to "purchase" crypto. That was the "standard" method a few years ago. When Coinbase opened I played around with that and found that there were still multiple steps involved. Crypto enthusiasts have that saying, Not your keys, not your wallet. What they don't realize is that they're saying, This is a complex transaction, it's not like government-issued and -backed money, so you'll need to do the following 20+ steps to complete and secure your transaction.
Crypto will never take off because of its necessarily complex transaction function. No normie is going to suffer through 20+ steps to "buy" $100 worth of any type of crypto as an investment. Why bother?
Bitcoin enthusiasts are the worst. Bitcoin is "valuable" based on what exactly? I've yet to read a sufficient explanation for the "value" of Bitcoin.
Energy and limited supply. It is similar to the Petrodollar, but is not tied to oil. Bitcoin = energy. Petrodollar = oil = pumping/processing energy. Golddollar = gold = mining/processing energy. See above comments.
When denominated in current US dollars, Bitcoin automatically increases in price as US debt dollar is printed into oblivion (when Bitcoin price is not being manipulated due to its low liquidity because it is not yet convertible to a gold or silver “daily usage coinage”).