Bitcoin ETF: Crypto Is Going Mainstream, Which Means It’s Over – Bloomberg

Two big things have happened in the crypto world this month: a public validation and a semi-private snub. Both of them bode poorly for its future.

The official validation came in the form of the SEC approval of a Bitcoin ETF, which will make it easier for speculators to invest in Bitcoin. The slight came at this year’s World Economic Forum, which I attended, and where Bitcoin — or any cryptocurrency, really — was clearly on the outs. Last year crypto was everywhere in Davos. This year, the star of the show was AI. Crypto, like me, didn’t even know about all the really good parties, much less get an invitation.

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To be fair, crypto has defied expectations thus far. Its price soared even though it was never clear what its value was. As Eugene Fama, the father of modern finance, recently said: “Unless it becomes a widely used medium of exchange, bitcoin should eventually implode. The alternative is that all I learned from monetary theory about how currencies acquire value is meaningless.”

Source: Bitcoin ETF: Crypto Is Going Mainstream, Which Means It’s Over – Bloomberg