This “mainstreaming” of blockchain applications marks the end of the first stage of the technology’s development. Now, with the help of regulators in a range of countries, cryptocurrency is entering the next phase of its evolution: becoming an investable asset."Investable asset" implies a store of value. Hard to see crypto as anything more than a speculative vehicle at this stage owing to extreme volatility, crime, government opposition, etc., relative to other recognized stores of value. Aleh Tsyvinski acknowledges this and suggests ways that this can be overcome. In other words, it could happen if the dominant players in the financial community put their shoulder behind it.
Project Syndicate
Cryptocurrencies' Next Stage
Aleh Tsyvinski | Professor of Economics at Yale University
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