[jfengel]

It's no more illogical, but it's also not much less illogical. Either is an unforgeable, limited token of arbitrary value.

Being digital, Bitcoin has some nice properties that precious metals don't, but we stopped using precious metals as the foundation of the economy decades ago. The idea remains popular with a certain set of ideologues who want to make their cash holdings the basis of the financial system, but that's much too inflexible to run a modern economy.

Economists overwhelmingly believe that they need currency control to manage irrational market speculation. Technologists frequently cite a small number of economists who disagree, and while truth is not a democracy, but it's wise to be suspicious when one's choice of experts just happens to affirm the things that benefit you personally.

tl;dr: There could be a place for blockchain, but BTC is based on a bunch of self-imagined revolutionaries who don't know how to manage an economy.