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The rise in popularity of highly volatile cryptocurrencies such as bitcoin could simply be seen as a speculative sign of US Federal Reserve-enabled froth. But it might better be interpreted as an early signal of a new world order in which the US and the dollar will play a less important role.
None of this makes me want to buy bitcoin. But I also don’t see it as a normal bubble. It was unclear at the beginning of the 20th century which of the hundreds of automakers would win the race to replace the horse and buggy. Now, who knows whether bitcoin, ethereum, or diem, or some yet-to-be-invented digital currency will win out long term. For now, the bitcoin boom may best be viewed as a canary in the coal mine.
https://www.ft.com/content/16a37710-cbff-41b1-af96-7dc8b2de0c43
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