Dead on Arrival:
Why Bitcoin Fails Spectactularly as Money
📌 Mathematically Disqualified as a Currency
The “coin” in Bitcoin maliciously creates a psychological illusion that this asset is built to function as money.
Yet, according to Economics 101, a functioning currency must serve three uncompromising roles: a unit of account, a medium of exchange, and a store of value. Bitcoin fails all three entirely.
Would you ever accept your monthly paycheck in a currency where your groceries cost $50 today, $30 tomorrow, and $70 next Friday?
An asset violently whiplashing in value is completely uninhabitable as a currency. We don’t even need to theorize this failure—we’ve watched it burn down a nation’s economy in real-time.
🌋 El Salvador’s Disastrous Crypto Theatre
President Nayib Bukele recklessly mandated Bitcoin as legal tender in El Salvador, launching the state-sponsored “Chivo” wallet. Crypto maximalists rejoiced, declaring the dawn of global hyperbitcoinization.
According to NBER, essentially 80% of businesses actively refuse Bitcoin transactions today.
The vast majority of the impoverished population enthusiastically downloaded the app solely to cash out the $30 government sign-up bonus, then deleted it permanently.
Transaction fees remained abhorrent, and the app randomly wiped out funds. Even citizens in a struggling economy violently rejected using an extremely unstable digital casino chip to buy milk.
💡 Conclusion: A Speculative Casino Chip
Wearing the mask of a future global currency, Bitcoin is physically nothing more than an unregulated, 24/7 speculative casino chip.
It is entirely unusable for daily commerce. It exists purely to be traded endlessly for actual USD by Wall Street institutions.
In the final Part 5, we will compare this mania to the most catastrophic financial bubbles in human history, examining the terrifyingly accurate parallels between digital coins and 17th-century tulips.