Bitcoin’s Three Futures — And Why None Look Like the Dream

As someone who has written often about Bitcoin, I can say I’ve received many passionate comments. There’s a script that every BTC advocate eventually recites. You’ve probably heard it or you might even believe parts of it.

Bitcoin is digital gold.
Bitcoin is the future global currency.
Bitcoin is an untouchable store of value — immune to governments, inflation, and the chaos of traditional finance.

It’s an exciting and compelling story. The problem is economics.

Every ...