We have no consensus on the purpose served by bitcoin and other cryptocurrencies. Is it the replacement of fiat money or protection against corrupt and incompetent governments? Perhaps the most persistent pro-crypto argument is that it is a macro hedge, providing a store of value that protects against large economic shocks, government corruption and mismanagement: a 21st century version of gold. We certainly need a macro hedge. With recession looming, stock markets crashing, and inflation exceeding 10% – while central banks seem paralysed and governments are intent on monetising increased expenditure – a useful macro ... (full story)