Why Money Scarcity Means Someone Goes Hungry

We don’t want to create so much money that it becomes worthless. But it is better to risk inflation than to deny people the means to live.

Caveat Depositor. How Safe Is Your Stablecoin?

USD stablecoins are created largely outside the dollar system and lack federal deposit guarantees. Investors should be careful.

Scarcity Gives Bitcoin Value, but Not the Way You Think

Bitcoin is "scarce" (and therefore valuable) when demand for it exceeds the available supply, not because of its 21 million hard cap, says our columnist.

Crypto’s Choice: Join the Financial System or Fight It

The crypto industry faces a momentous choice. Does it integrate with the existing financial system's rules? Or does it choose to fight for its anti-status quo principles?

Why Bitcoin Thrives (and Why It Won’t Replace the Dollar)

A world in which bitcoin becomes the global reserve currency is a world many of us would not want to live in.

Ethereum, Dark Forests and the Limits of Transparency

The crypto world eschewed trust in favor of transparency. But transparency doesn’t solve the problem of untrustworthiness in financial markets.

Banks Are Toast but Crypto Has Lost Its Soul

In becoming a high-risk, high-yield playground for dollar investors, the cryptocurrency world sold out, says our columnist.

Mr. Powell, If You Want Higher Inflation, Give People Money

The Federal Reserve wants a little more inflation to keep the economy buoyant. That's hard to achieve when Main Street is so under water.

Why Bitcoin-Like Scarcity Would Be a Disaster for the Dollar

Calls to restrict the Fed's money printing powers fail to recognize the likely consequences, including price instability.