Crypto is good for paying bribes, or for buying contraband without records or taxes on the transaction, for moving money across borders without declaring it. Those are all illegal, but I can see why crypto has a value for doing those things.
It may be that those activities are a lot more prevalent than I think, or that the existence of a shadow payment system will MAKE those things more prevalent.
For example, if I were in Venezuela, and I had some money and could somehow convert that money into bitcoin or whatever, then yes, do it. Then you emigrate, move to Miami, sell the bitcoin, and voila, you didn’t have to travel with a suitcase full of dollars. That would be illegal, in Venezuela, but well worth doing.
Yes, and it has the intrinsic value of whatever the next person is willing to pay for it.
The people who owned Bitcoin prior to their troubles are buying beachfront property for pennies on the dollar.
Your arguments are ill informed and old. You might want to actually read some more about what is going on.
“ Crypto is good for paying bribes, or for buying contraband without records or taxes on the transaction, for moving money across borders without declaring it. ”
It is also used as an investment - and ETFs have been created.
Cash of all kinds has been used for bribes for as long as we have recorded history.
You can buy not just contraband, but mist things
There are records and the IRS TRACKS crypto and requires it be reported
Gains are required to be declared
Transferring $ across the world with crypto is faster, cheaper