From Breakingviews - Bitcoin is a solution looking for a problem
A representation of bitcoin is seen in an illustration picture taken on June 23, 2017. REUTERS/Benoit Tessier/File Photo
NEW YORK, March 24 - Almost one year ago, billionaire Peter Thiel threw $100 bills into the crowd from the stage at a cryptocurrency conference in Miami, likening fiat currency to toilet paper and touting bitcoin as the best alternative. Thiel has said that central banks are "bankrupt" and that the fiat money regime is coming to an end.
The second snag is that contrary to Srinivasan and Thiel’s claims, bitcoin is too volatile to protect investors against inflation by preserving its purchasing power over long periods of time. U.S. inflation continues to spike even as the Fed raises rates. Gold is a tangible asset, unlike bitcoin, and that’s precisely what makes it an inflation hedge. In theory, as the price for goods goes up, gold follows.
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