Bitcoin is a speculative store of value like gold, not a productive asset that creates wealth. Stocks and bonds fund new ideas and expand human capability. Blockchain is mathematically brilliant, but Bitcoin itself doesn't generate real economic value.
Chapters
AWG, why are you anti-Bitcoin? To paraphrase Jessica Rabbit, I'm not anti-Bitcoin, I'm just drawn that way. I don't think Bitcoin is a productive asset. I think blockchain is this amazing mathematical technology that fell back in time from the future. Blockchain technology is super interesting. Bitcoin itself is a lot less interesting to me. It's not a productive asset. Similarly, I'm not anti-gold, I'm just not interested in gold because by and large it's not that productive an asset. Unlike stocks and bonds that are actually being used to create new wealth in the real economy, Bitcoin, as far as I can tell, doesn't create any real wealth. It's not generating new ideas, it's not creating new structures, it's not expanding humanity's future freedom of action. It seems to be much more of a speculative asset.