>Commodities over the long-run track inflation and do not produce the sort of inflation-adjusted excess returns that stocks do. This means that Bitcoin, in spit

>Commodities over the long-run track inflation and do not produce the sort of inflation-adjusted excess returns that stocks do. This means that Bitcoin, in spite of large gains from 2010-2013 and from 2015-2017, is guaranteed to be a shitty investment. So commodities are bad investments, and the author deems Bitcoin a commodity, therefore Bitcoin is a bad investment? I don't find this logic very convincing. Bitcoin has numerous properties that traditional commodities do not have, which makes all the difference.