Bitcoin's Role as Money Under Scrutiny
In a recent article on Econlib titled "Bitcoin isn't money," Scott Sumner delves into the ongoing debate about Bitcoin's legitimacy as a form of money. Sumner argues that Bitcoin fails to meet the criteria of being a "medium of account," as goods and services are rarely priced in Bitcoin. He compares Bitcoin to gold, describing it as a store of value rather than a functional currency. Sumner also highlights Eugene Fama's prediction that Bitcoin's price could eventually fall to zero, emphasizing its lack of intrinsic value. The article further explores Bitcoin's speculative nature and its challenges in becoming a widely accepted medium of exchange. For more details, visit Econlib's website.
Chinese Stocks Surge as Bitcoin and Dollar Stall
According to MarketWatch, the so-called "Trump trades," including Bitcoin and the U.S. dollar, are losing momentum, while Chinese and European stocks are experiencing significant growth. The report notes that the speculative fervor surrounding these assets has started to wane, even as the U.S. stock market continues its bull run. This shift comes less than a month after Donald Trump returned to the White House. The article suggests that the changing dynamics in global markets could signal a broader realignment of investment strategies. For the full analysis, refer to MarketWatch's coverage.
U.S. States Embrace Bitcoin Reserves
Crypto.news reports that nearly two dozen U.S. states are considering legislation to establish strategic Bitcoin reserves. If enacted, these states could collectively acquire approximately 247,000 BTC, valued at $23.7 billion at current prices. States like Alabama, Arizona, and Florida are leading the charge, with Arizona's Senate Finance Committee recently approving a bill to invest up to 10% of public funds in Bitcoin. Advocates argue that Bitcoin serves as a hedge against inflation and offers diversification benefits. However, the move also reflects growing confidence in cryptocurrency's long-term potential. For a detailed breakdown of state-level initiatives, visit Crypto.news.
Sources:
- Bitcoin isn't money
- ‘Trump trades’ like the dollar and bitcoin are stalling, while Chinese stocks are racing ahead
- The list of US states embracing Bitcoin reserves is growing
- Bitcoin Price Analysis: Traders Brace for Explosive Move — Here’s the $96K Line in the Sand – Markets and Prices Bitcoin News
- 'Maybe Should Be $2 Million': Bitcoin Price Prediction by Samson Mow
- Bitcoin Price Outlook: Will BTC Rebound Or Drop To $76,000?
