December 3, 2023

This is an opinion editorial by Pierre Rochard, the Vice President of Research at Riot.

Ben Sixsmith has published a thoughtful piece in The Spectator entitled “Saying Goodbye To The Crypto Nerd Utopia,” providing an outside perspective on the crisis facing the broader crypto economy.

While there’s a lot I agree and disagree with in his piece, I’ll focus on the primary line of reasoning: Bitcoin is one of many cryptocurrencies, cryptocurrencies have no intrinsic value, and cryptocurrencies are speculatively traded on exchanges like FTX; therefore, the scandalous collapse of FTX reveals that Bitcoin is no better than the status quo.

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