“Your argument might still be that cryptocurrency is a bubble, but I raise you the perspective that all money is. It is a product of our beliefs married to our hope that its value will remain. Ditto stocks, shares, and bonds.” – and that’s the key sentence. A Venezuelan, an Argentinian, even a Turk don’t need an explanation on the bubble character of fiat money. They feel it when their currencies take the plunge. They know that this wad of paper in their hands is just that – a wad of paper. It’s also a piece of control because through the value of money, governments keep tabs on us. And they don’t want to lose that.
It didn’t exist when exchange evolved to become a feature of humanities first economic system, nor will it persist when there is no advantage to using it. That time is approaching far quicker than traditionalists care to admit.