Crypto’s problem is that it has the most actual utility when it goes sideways. Being a decentralizing cash equivalent has some value. But, it can’t be stable.

Crypto’s problem is that it has the most actual utility when it goes sideways. Being a decentralizing cash equivalent has some value. But, it can’t be stable. If it goes sideways long enough to demonstrate utility as a currency, then more people would want it, which would drive up the price and hurt that underlying value.