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Cryptocurrencies’ Next Stage — Aleh Tsyvinski

Summary:
This “mainstreaming” of blockchain applications marks the end of the first stage of the technology’s development. Now, with the help of regulators in a range of countries, cryptocurrency is entering the next phase of its evolution: becoming an investable asset."Investable asset" implies a store of value. Hard to see crypto as anything more than a speculative vehicle at this stage owing to extreme volatility, crime, government opposition, etc.,  relative to other recognized stores of value. Aleh Tsyvinski acknowledges this and suggests ways that this can be overcome. In other words, it could happen if the dominant players in the financial community put their shoulder behind it.Project SyndicateCryptocurrencies' Next StageAleh Tsyvinski | Professor of Economics at Yale University

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This “mainstreaming” of blockchain applications marks the end of the first stage of the technology’s development. Now, with the help of regulators in a range of countries, cryptocurrency is entering the next phase of its evolution: becoming an investable asset.
"Investable asset" implies a store of value. Hard to see crypto as anything more than a speculative vehicle at this stage owing to extreme volatility, crime, government opposition, etc.,  relative to other recognized stores of value. Aleh Tsyvinski acknowledges this and suggests ways that this can be overcome. In other words, it could happen if the dominant players in the financial community put their shoulder behind it.

Project Syndicate
Cryptocurrencies' Next Stage
Aleh Tsyvinski | Professor of Economics at Yale University

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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