It didn’t exist when exchange evolved to become a feature of humanities first economic system, nor will it persist when there is no advantage to using it. That time is approaching far quicker than traditionalists care to admit.
The reality is that our evolution to a largely cashless society is almost complete. I rarely have money on me physically, I can count on one hand the number of times I have had cash in my wallet in the last 3 years. Paper cash and metallic coins are prehistoric.
That is what those who carelessly brandish Cryptocurrency a bubble fail to comprehend. Money doesn’t care what you think. It is simply a means of exchange. When it’s utility is replaced by something more efficient it will become extinct. Right now it is a protected species with a few purists trying to revive it. Unfortunately, the poachers are pulling down each pillar which underpinned the system one by one.
Soon it will fall.
With Fiat valuations no longer tied to any commodity — with its price being entirely independent and it’s valuation contingent on what we collectively believe it to be — give me one sincere and serious argument which convinces me fiat isn’t also a bubble.
Give me a coherent reason why that if we stopped believing in the value of paper money today it would be worth anything tomorrow. Without resorting to the argument of historical precedent, the size and scale of central banks or the promise these institutions have made to maintain a certain valuation what do you have to argue against it?
Fundamentally it is still a question of trust and belief. This forces you to consider that there might be a technological solution which forces a level or trust and believe that is inconceivable in a human-led system.
Your argument might still be that cryptocurrency is a bubble, but I raise you the perspective that all money is. It is a product of our beliefs married to our hope ...