The erstwhile bad boy of money has now become the establishment. Bitcoin is no longer a cryptocurrency but instead has become a speculative asset. Many now believe that, like gold, it too is a hedge against the shenanigans of weak-willed political fiscal lords. And that is not cool, says former New Yorker writer James Surowiecki, who noted in a recent essay: “Bitcoin was, after all, not designed to be a speculative asset. It was designed to be a currency, a new medium of exchange that people could, and would, use to transact daily business with each other.” Bitcoin has never lived up to that original dream of being a currency, and there are multiple reasons why — the biggest being the speculative fervor around it. Surowiecki is one of my favorite finance writers, and he doesn’t disappoint with this piece. It is worth a read.