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What Crypto Tells Us about Our Dysfunctional Monetary Order

Perhaps private-money options need not be the stuff of fantasy.




NRPLUS MEMBER ARTICLE

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nflationary breakouts have a way of concentrating people’s minds about anything related to money. People start looking to invest in assets that, they hope, will maintain or increase value as their money’s purchasing power declines. Property, stocks and shares, inflation-indexed bonds, and even works of art get snapped up as large swaths of the public seek to reduce their cash holdings.

One effect of the current inflationary spike is that it has sparked considerable interest in cryptocurrencies such as Bitcoin. While many smart people are baffled by how cryptocurrencies work, their unfamiliarity does not stop them from asking whether they might