All great commercial advances begin with surges of investment that the simple in thought naïvely deride as 'bubbles', followed by a 'bust' that separates the valuable innovations from the chaff. In 2022, after frenzied investing in the years prior, the "bust" finally came for cryptocurrencies.
John Tamny asserts that the future of money is at our doorstep. The crypto collapse of 2022 was paradoxically the signal that it will replace traditional forms of money sooner than most think. He rejects nearly the conventional 'wisdom' about money that focuses on 'money supply'. In truth, trusted money in circulation is a natural consequence of commerce, not the instigator as economists imagine.
That a free market for money has formed in a world of government currencies is what sets the stage for private money as the eventual replacement for government mediums of exchange. Precisely because money facilitates global cooperation on the way to staggering advances in productivity, it's essential that money be trusted as a measure in the same way that the mile, the minute, and the tablespoon are trusted today.
Although academia and policymakers misunderstand money and inflation to a frightening degree, the thinkers, innovators, and risk-takers have forged a better way. The future is here for money; and that future is blindingly bright