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It’s truthful recreation to critique cryptocurrency and argue how, and whether or not, it ought to be regulated. However asserting it has no goal as cash is just unsuitable (“Crypto Is Cash And not using a Objective” by Todd Baker, op-ed, Dec. 20). As an software of freedom and innovation to create an alternative choice to government-controlled fiat cash, crypto’s motive for being couldn’t be extra clear or noble.
Authorities cash leaves the financial well-being of residents topic to the motivations, competence and whim of politicians and bureaucrats. We see daily how reckless fiscal and financial coverage devalue the assets People have saved over a lifetime of labor. Let’s debate whether or not cryptocurrency is, or ever might be, a viable various to authorities cash. However no goal? Hardly.
Peter Goettler
President, Cato Institute
Washington
I hope Mr. Baker’s glorious article on cryptocurrencies might be breakfast studying for all our regulators and lawmakers.
The most effective bits of funding recommendation I ever acquired was: Don’t put actual cash into monetary devices you don’t perceive. The 2008 monetary collapse was brought on by collateralized mortgage obligations, or CMOs, which, it seems, nobody understood.
Does anybody on the Federal Reserve perceive cryptocurrencies, in all their completely different varieties, properly sufficient to again them with the complete religion and credit score of the US, its economic system and taxpayers? In that case, allow them to clarify it on the pages of the Journal in phrases of 1 syllable.
In the event that they don’t perceive cryptocurrencies, then it’s the obligation of the Fed to shun them like mortal sin.
Dale McIntyre
Bartlesville, Okla.
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