I’ve always shared this skepticism. First, crypto can be a poor store of value when its price is highly volatile and most goods and services are still priced in currencies like the U.S. dollar. Second, some crypto networks can make transfers slow or expensive, which limits their usefulness for everyday transactions. That said, it varies by asset and network—some are designed to make transfers faster or cheaper.

I’m also uneasy about the investment case. When you own crypto, you have a reason to want others to buy it too. That can create a cycle where demand pushes the price up, and the rising price attracts more buyers. That happens in other markets too, but productive businesses can also generate revenue and cash flow that help support their value. Many crypto assets don’t have that same kind of foundation, although some are tied to specific services or network activity.

Regular currencies have a more obvious role in everyday life (pay taxes, settle debts, and buy things). Their value is influenced by factors like monetary policy, confidence in the issuer, and the strength of the underlying economy. That doesn’t make them stable or valuable in the same way as productive assets, but it does give them a practical purpose that many crypto assets don’t have.