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Ambrose Evans-Prtichard: Bitcoin fever is the primrose path to digital servitude
By Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, May 25, 2021
Bitcoin is already a barbarous relic in fintech time. It has failed to make the grade as a daily means of exchange after 12 years of agitation, bar money laundering, cyber-extortion, and Iranian sanctions busting.
It has not progressed beyond the stage of a speculative asset. It is captivating but is not what the evangelists promised.
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Some of the other 8,000 cryptos may acquire social utility. Goldman Sachs says Ethereum could muscle into financial contracts, becoming the “Amazon of information.” Fixed stablecoins may find a profitable role, though they still have an umbilical cord to dollars, euros, or yen, and import their credibility from a central bank exchange peg, and therefore are not currencies at all.
But one thing that cryptomania will certainly not achieve is to create a Hayekian catallaxy of denationalised “free” currencies that break the fiat monetary control of established states, and this surely was the original purpose after the Lehman debacle.
The rebels are more likely to bring about the exact opposite: yet greater concentration of power in the hands of overmighty central banks and the digital oligarchy, the robber barons of our time. ...
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