Our favorite Keynesian overlord is out swinging at "crypto"

crypto is a really weird space, right... if you ask "how is bitcoin now compared to its fundamentals?" well, what fundamentals, it's kind of all vibes

VIBES CAP MANAGEMENT returns.

... when people make price forecasts for bitcoin, I always wonder "on what basis?" It's not like you can do a price-earnings ratio on this thing... because there's no earnings, no services, it's all just pure faith... but it does feel like we're seeing a real crisis of faith right now

"This time looks different""This time looks different"

The rise has been driven by Trump and Strategy/hoarders. "Those things are harder..." and its largely libertarian origin doesn't matter now that it's largely a political project -> it wouldn't have GOTTEN up to 125k without Trump's election. (#1063630)

The Debasement Trade and gold's run-up should have made bitcoin go up buuuuut it didn't:

"The next gold turns out to be... gold, not bitcoin""The next gold turns out to be... gold, not bitcoin"

maybe this won't turn out to be an enduring asset

QUESTION: "In your view, professor, does bitcoin have any value?"

well, no. It's largely used for essentially criminal enterprises... but not all crimes are the same, and if you're trying to smuggle money out of Iran, then bitcoin is a way around capital controls. [...] As for the original idea, that this is a superior money, it's a total bust -- and it's a seventeen-year-old bust, and that's the thing that gets to me. This is not an idea of the future

Yeah, I don't know, man. Not sure how much stock(!) to put in this soon-to-be-73yo... maybe just retire, bro, and be quiet? #1431585