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The Hot New Vision for Crypto Is Wildly Different From Bitcoin

June 7, 2021, 8:00 AM

It’s kind of weird to say this, but after more than a decade of Bitcoin’s existence, there’s finally some consensus about what it is.

Hardcore Bitcoiners liken it to “digital gold” — a safe-haven asset whose primary use case is holding. And even people who aren’t so into it more or less accept that narrative. Barely a day goes by where we don’t hear from some legendary investor opining on TV, saying something like, “We believe Bitcoin is an emerging store of value, which, like gold, can play an important role in a diversified portfolio.”

Nobody even talks about how it’s not used in ...

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