Source: Garrison Center
by Thomas L Knapp
“‘Bitcoin,’ economist Dean Baker argues at the Center for Economic and Policy Research, ‘won’t put food on the table. Bitcoin also won’t put gas in your car or provide medical care for your family. … Bitcoin doesn’t actually produce these items or anything else that we directly consume.’ Baker is absolutely right. Bitcoin and other cryptocurrencies don’t produce the various goods or services that we directly consume. Neither, however, do dollars, euros, rubles, rupees, etc. produce the various goods or services that we directly consume. For the most part, that is. Dollars, euros, rubles, rupees, etc. — and Bitcoin and other cryptocurrencies — do produce one thing, and it’s possibly the most important of all consumables: Trust.” (12/17/24)