The Rise and Fall of Bitcoin

Representative Sherman is practically a soothsayer. His mistake is not in the diagnosis but in the cure. He mistakenly believes that Bitcoin can be reckoned with. But Bitcoin is an idea, not a product. Against today's backdrop, Bitcoin insists on itself. It has urgency. In the halcyon days of Pax Americana, Bitcoin would have mattered much less. Now it is more relevant than ever. Our monetary system is disastrously redistributive. The wealth of political elites derives primarily from privileged access to the monetary spigot.