Bitcoin’s Uselessness As ‘Money’ Well Predates Its Recent Decline

BusinessPolicyBitcoin’s Uselessness As ‘Money’ Well Predates Its Recent DeclineByJohn Tamny,Contributor.Follow AuthorJun 14, 2026, 10:00am EDTISTANBUL, TURKEY - NOVEMBER 08: Gold Bitcoins are seen in the window of a Bitcoin and cryptocurrency exchange office on November 08, 2024 in Istanbul, Turkey. Bitcoin has soared to new record highs nearing 77,000 in the days after Donald Trump's re-election and on his campaign promise to support Bitcoin and the cryptocurrency market. (Photo by Chris McGrath/Getty Images)Getty ImagesBitcoin will never, ever replace government money. It’s useless as money. Importantly, its lack of utility has nothing to with its recent decline. As this column has said for years, big BTC surges are every bit the indictment of the faux currency as the declines are. Real money is quiet. And its quietude is an effect of its constancy as a measure of value. Quick, when’s the last time you talked about the amount of heat in a degree, the volume of liquid in one cup, and the length within an inch? Tick tock, tick tock. There would be no reason to. A degree, cup, and inch are constant measures that report on heat, volume, and length. Nothing more. Really, imagine seeking a “stronger” or “weaker” degree, cup, or inch. The very notion insults stupid. An alteration of the measure in no way alters reality. Money is no different. It’s just a measure that reports. Which means changes in its value change nothing. All they do is corrupt the would-be measure, all the while rendering it less useful as a measure. The surest sign bitcoin will never be money can be found in what excited its proponents on the way up, along with its critics on the way down. Who would exchange goods and services with something so turbulent? MORE FOR YOUProduction buys production. When we bring market goods, services, and labor to market, we seek market goods, services, and labor of equal value in return. Money is just the agreed upon measure of value used by producers to facilitat...