[Blackstone4]

>One argument seems to be that cryptocurrency is purely speculative, which is apparently a dirty word. What about the stock market? What about any kind of investment? If you truly believe that cryptocurrency is the basis for a superior economic system, isn’t it rational and wise to put some of your savings there?

I feel like it is a black and white and naive view to categorize every financial instrument as purely speculative. They exist along a spectrum ranging from on one hand, sound investments (i.e. US treasuries), all the way to more speculative plays like sports betting. Where an asset sits on the spectrum is a subjective to the eye of the beholder but concensus among investors at this time would probably place US treasuries, blue chip corporate bonds, US stocks in the sound investment half and crypto in the more speculative half. In part because new technology which makes some wary and in part because crypto is a form of currency where most participants appear to be 'investing' on the basis they can sell it to someone else at a higher price. Which sounds fine but normally stocks or US treasuries are underpinned by interest payments, dividends or promise of future dividends through earnings growth whereas most crypto does not have an of these characteristics.

I am blown away by the number of people claiming to be knowledgeable crypto investors who are dismissive of other investment types as speculative when they themselves appears to have little to no knowledge of the history of investing and why things are the way they have been.