David McWilliams: Cryptocurrency is patently not real money

The history of private money isn’t too sparkling, so why would it be any different now?

Will these parallel currencies issued by private tech platforms continue to fascinate in 2022? Photograph: iStock

Will these parallel currencies issued by private tech platforms continue to fascinate in 2022? Photograph: iStock

Will 2022 be the year that cryptocurrencies falter? Or will these parallel currencies, “private money” issued by private tech platforms, continue to fascinate?

Whatever cryptocurrencies are, they are patently not money. Money needs to be a store of value, widely used and accepted, in order to buy and sell stuff. It must have some reasonably stable relationship with the value of everything else in the economy.

The Irish Times
Please subscribe or sign in to continue reading.
The Irish Times

How can I keep reading?

You’ve reached an article that is only available to Irish Times subscribers.

Subscribe today and get the full picture for just €1 for the first month.

Subscribe No obligation, cancel any time.