As Powell announced cryptocurrencies ‘vehicles for speculation’. It is mind blowing the cryptocurrencies are making bets and are valued without any sound reasoning behind them. How many companies actually use them at regular place? How hard is the barrier of entry?
I'm not sure what you mean by "cryptos making bets."
Valid points on use, but paypal adoption might cause a jump and a few others in that direction, but still small.
Barrier to entry, paypal or not, is fairly small actually. Good wallet and transaction ecosystem that works via QR code. Depending on what way CB and places like BlockFi go, links to dollar economy get a lot stronger too.
What sound reasoning is behind all this: bitcoin's massive breakthrough is a protocol that can send verifiably discrete entities across a network, without a central party needing to verify the discrete-ness. This is a huge breakthrough in a lot of ways, but basically consider if you network could send payments as exactly as easily as it does HTTP packets. HTTP changed the world, and that's the idea behind bitcoin's value. If you could somehow buy a slice of HTTP in 1997, or TCP/UDP, now knowing how important and valuable those became (valued by the size of the internet economy), would you?
I mean realistically it's how you pay taxes to the US Government which represents the United States, probably the most innovative and industrial nation ever to exist.
If you want to operate with/within the US, you pay the dollar. That's fairly "sound" reasoning.
Btw im invested heavily in crypto but just saying.
