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>People buy crypto because they think it will rise in value, nor because it has any relevance as a currency (outside of certain illicit markets). Source? As f

>People buy crypto because they think it will rise in value, nor because it has any relevance as a currency (outside of certain illicit markets). Source? As far as I can see, Bitcoiners are especially hammering the messages about Austrian economics, the right of freedom to transact, self-custody, separating money from the state and so on. Their scripture material, rarely talk about "price" at all. The maxis will even make fun of you with 1 bitcoin = 1 bitcoin meme. I don't want to make an equally ridiculous claim about "why people buy Crypto" - but clearly not everyone buys Crypto to sell in a week and make more USD.

JeremyNT 5y ago
Not to cast too broad a brush, but humans are really good at rationalizing things and denying their true motivations. Sure, there are some true believer libertarian cryptonerds still living the original dream. I suspect, though, that for every "true believer" out there with actual deeply held beliefs about financial systems, you'll find countless others in it purely to ride the wave and speculate, who learn just enough of the jargon to befuddle objections in casual conversation. Source: several non-technical, non-economist relatives who have "gotten into" cryptocurrencies in the past few years, trying to explain their merits to me.
kravens_last 5y ago
> not everyone buys Crypto to sell in a week and make more USD True. Recent price action seems to suggest that people actually may end up with less USD.