Jeff Snider from the Eurodollar University podcast asks why isn’t Bitcoin dominating the commercial landscape?
It‘s an interesting episode, a recording of a recent conference presentation he made. He looks back at the fascinating history and evolution of ledger based money. He notes that each time there had been a massive step change in the technology, the adoption has happened rapidly within less than 15 years. Bitcoin had been around for that amoung of time, and it’s getting very popular, but the adoption just isn’t comparable.
One problem he identifies is that in order to use your Bitcoin you have to convert it to Eurodollars, the current best version of ledger money that we use. He argues that that’s not a payment system. Jeff believes Bitcoin took a wrong turn by overly focusing on store of value, when the market wants a dynamic highly useable money. A better way of exchanging value.
It’s not to say it’s store of value isn’t really useful, but it does make you wonder whether Bitcoin will become the next evolutionary step in ledger based money. #