For all the administrative crackdowns on Bitcoin lately, the cryptocurrency’s promoters remain unfailingly hopeful. Bitcoin is what’s to come, they let us know; it proclaims a future where private, stateless coinage will depose the dollar and other fiscal dinosaurs.
Sorry, however Bitcoin isn’t what’s to come. In the event that anything, its a return to a prior time, when private coinage coursed nearby government-supported cash. Truth be told, when you strip away its innovative trappings – the encryption, the shared systems – and Bitcoin nearly looks like these prior private exertions. This isn’t a soothing verifiable parallel.