A Response to Bloomberg’s Cryptocurrency Editorial

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By Maya Cantina

I mean, first of all, politicians are not investment advisors and their words should not be treated as investment advice. But what does this “real economy” mean? Is a government bond part of the real economy if that money is going to pay off debt from government spending during, say, Covid? Is that real? Is investing in Coca-Cola or Raytheon investing in the real economy? Or are we really just investing in sugary drinks and missiles that do far more harm to children than Ethereum? Mortgage-backed securities, driven by a cocktail of explicit and implicit government and regulatory guarantees subsidies“supporting the real economy” in the early 2000s? Isn’t a “real economy” one that supports individuals and families to live the lives they want, and don’t cryptocurrencies do that very well?

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