Is Bitcoin back? - MacroBusiness

I won’t even pretend that this is sustainable. Nothing has changed for crypto in my book. It is as worthless and useless as ever. With the same inbuilt contradiction: that if it succeeds it can only fail, given it’s only purpose is subvert a fiat currency system that it does not control. Regulatory risk is as extreme as ever.

But let’s set that aside for a moment and try, as best we can, to understand what signal is being sent here. Nobody knows what BTC is for the simple reason that it isn’t anything: neither a store of value nor medium of exchange. But proponents argue that it is digital gold so let’s start there:

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