Well, I agree with your basic point. I'd just offer that Siegels paradox (which is interesting to read about)[1] applies if you have two currencies where some

Well, I agree with your basic point. I'd just offer that Siegels paradox (which is interesting to read about)[1] applies if you have two currencies where some consumers price their end-consumption good in each of those currencies. But crypto currencies aren't something you want to consume later. If bitcoin has a 50% chance of doubling and 50% chance of halving in value, it is simply a good investment (expected payoff = 5/4 of investment) best held by dollar current dollar holders and bitcoin holders alike. So, yeah, wealth is what matters and the Siegel's argument is a red herring. But erudite one, ha. [1] https://en.wikipedia.org/wiki/Siegel%27s_paradox https://en.wikipedia.org/wiki/Siegel%27s_paradox