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David McWilliams: Cryptocurrency is patently not real money – The Irish Times

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Will these parallel currencies issued by private tech platforms continue to fascinate in 2022? Photograph: iStock
Will 2022 be the year that cryptocurrencies falter? Or will these parallel currencies, “private money” issued by private tech platforms, continue to fascinate?
Whatever cryptocurrencies are, they are patently not money. Money needs to be a store of value, widely used and accepted, in order to buy and sell stuff. It must have some reasonably stable relationship with the value of everything else in the economy.
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