Bitcoin is a middling technology that, 15 years after its introduction to the world, still does not have a single legitimate use case in the developed world where it’s the best possible solution to a problem. It’s worse than our traditional stores of value (gold, US dollar) because of its inherent volatility (roughly 5x more volatile than the stock market). It’s clunkier and more annoying than our existing payment systems and any argument about it being cheaper or more efficient as a medium of exchange has become laughable over the last six months. And it most certainly did not earn its keep as an inflation hedge during one of the all time greatest inflationary spikes in American history. Proponents of bitcoin technology continue to bend their words (and minds) into pretzels when trying to describe its current usefulness. The only reasonable argument left is “just you wait and see,” which is the same argument people have been making for over a decade now. Fine, we’re waiting. Show us. I have an open mind.
In the meantime, ChatGPT was introduced a few months ago and has already spread like wildfire in a way that Bitcoin never has, despite the latter’s explosive rise into the public consciousness as a way to gamble and speculate. OpenAI’s ChatGPT has instantly found use cases, most notably at the high school and college level as children begin to experiment with it as a way to help them complete (or cheat on) their assignments. I wouldn’t scoff at this development – it’s a well established Silicon Valley trope that some of the most world-changing technologies at first appear as toys and silly little playthings for kids. If millions of kids start using the technology in their everyday lives over the next year or so, this behavior will become embedded and have long-term ramifications for the way in which these kids grow into adulthood and bring it with them into their careers.