Ray Dalio from Bridgewater Associates recently made some comments about Bitcoin, and the media has started to hype it up again. I will not comment on the right or wrong of his viewpoints, but I have a few questions.
Dalio once famously said, "Cash is trash."
This was based on the expectation of global inflation.
So, why has cash become a negatively yielding asset?
The correct question should be this:
Is currency a form of debt? Or is the issuance of currency always driven by debt?
Going further, where does the power of general equivalence come from? Is it the result of competition in market transactions, or the manifestation of other powers in the market?
Taking it a step further, can technology regulate social order or can it only be used as a lever for order?
Of course, we can still trade without answering these questions, as they are long-term problems. As Keynes once said, "In the long run, we are all dead."