Bitcoin’s Price Is a Poor Proxy for Its Utility

I have looked on with interest over the past two months as bitcoin has climbed to approach its previous all-time high. That old high-water mark occurred in the midst of hysteria. The price action of the time, three years ago, can only be described as mania. It was, to use the Gartner Hype Cycle language, the “Peak of Inflated Expectations.” In financial terms, it was a bubble.

This rally is different. This time has not been marked by a wild influx of speculative investors. We have not…

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