A Response to Bloomberg’s Crypto Editorial

I mean, first of all, politicians aren’t investment advisers and their words shouldn’t 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 a lot more harm to kids than Ethereum does? Did mortgage-backed securities, pumped by a cocktail of explicit and implicit government guarantees and regulatory subsidies, “support the real economy” in the early 2000s? Isn’t a real “real economy” one that supports individuals and families to live the lives they want, and doesn’t crypto do that quite ably?