I’m deeply skeptical of cryptocurrency.

The more I look at it, the less convinced I am that crypto has actually delivered on the revolutionary promises that originally made it so appealing.

We call these things “cryptocurrencies,” but most of them do not function particularly well as currencies. They are rarely used to price everyday goods, their values can fluctuate wildly, and most people buying them are not doing so because they want a better way to buy groceries. They are buying because they hope the price goes up.

At that point, we should be honest about what we are talking about.

It is speculation.

And in many cases, it starts looking a lot more like gambling than investing.

That is where Ben McKenzie’s argument really resonates with me. Crypto was marketed as something that would democratize finance, decentralize money, create generational wealth, and help ordinary people escape an unfair financial system. But pointing out that the traditional financial system has serious problems does not automatically mean cryptocurrency solves them.

In fact, I think one of the most troubling parts of the crypto boom was how aggressively these products were promoted to regular people.

Celebrity endorsements, flashy commercials, social media influencers, and stories about people getting rich created enormous pressure to get in before it was “too late.” People were encouraged to treat highly speculative assets as if they were a path toward financial freedom.

And when these markets collapse, the people who can least afford the losses are often the ones who suffer the most.

There is also the fraud problem.

Crypto’s combination of anonymity, complicated technology, global transfers, speculation, and weak oversight has created an environment where scams and financial crimes can flourish. McKenzie has gone so far as to argue that crypto’s meaningful uses largely come down to gambling and crime.

That does not mean blockchain itself is incapable of doing anything useful.

But after years of hearing that cryptocurrency was about to replace banks, transform payments, eliminate middlemen, and reinvent money, I think it is fair to ask a very basic question:

Where is the everyday usefulness?

If an asset has been around for years and its biggest selling point is still that someone else might eventually pay more for it, that should make us cautious.

So my position is much less “crypto is interesting technology surrounded by hype” and more:

Crypto is an extraordinarily successful speculative story that has repeatedly been sold as something more useful than it has proven to be.

Maybe some lasting use eventually emerges.

But until then, I would rather invest in things whose value does not depend primarily on convincing the next person to buy in.

What are your thoughts about cryptocurrency?

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