I've called Bitcoin "an integer with a story", and the story part is what differentiates it from purely speculative bubbles like Beanie Babies. But I think that dynamic is more complicated and subtle than Krugman gives it credit for. There are layers!https://twitter.com/paulkrugman/status/1395073993967816705 …
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There's of course an alternative possible pathway for capital, which would be to fund innovation, build companies that created genuinely useful goods and services, and so on. But that pathway has been broken for over a decade, and so we get this bizarro economy instead
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On an artistic level, a currency that you can't trade, safely store, or buy things with, and a store of value that becomes instantly illiquid in any crisis, is a high achievement. And of course NFTs where you burn actual art after putting it on the blockchain make it next level
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The right way to think of cryptocurrency is not as a bubble, but a blister. It will just keep re-filling every time it pops, until we find a cure for the underlying problem.
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