What Exactly Is Bitcoin Good For? A Theory

Perhaps it’s a payment system. If so, it’s inferior to Visa and grossly overvalued.

Bloomberg Opinion
Dec 22, 2017 · 4 min read
Photo by Jaap Arriens/NurPhoto via Getty Images.

By Megan McArdle

What is bitcoin good for?

This may be a question you’ve asked yourself, looking at the recent run-up in prices. Why, exactly, would you want to pay $18,000 and change to get your hands…

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