It’s not that simpleThe first thing to note is that just because some asset is in a bubble, that doesn’t mean that the asset has no real utility. Just because speculation can get out of control on an asset, doesn’t mean that said asset has no utility.So I think cryptocurrency does have real-world use. Particularly as a store of value and a medium of exchange. Cryptocurrency is also backed by blockchain technology which has real-world use, which means it’s categorically false whenever someone says, “Bitcoin and cryptos, in general, aren’t backed by anything!!!!!!!!”. Wrong. Try again.Cryptocurrencies are specifically useful for individual citizens in emerging markets. That’s because of unstable governments and undisciplined financial institutions/central banks. This isn’t some libertarian fantasy either, nor is it science fiction: it’s actually happening in the real world. You actually have people in these countries who are using cryptocurrencies.Certain cryptocurrencies are hedges against inflation, because you don’t have to worry about the potential of high inflation or hyperinflation because of limited supply. Some might object by saying there’s a potentially infinite number of different cryptocurrencies that can be introduced into the market. While that may be true, that wouldn’t mean that there wouldn’t be better or worse cryptos. They can still compete on transaction time and so forth. Thus, the objection seems to assume that all cryptocurrencies are identical (or very close to being identical) to each other, which is straightforwardly false.Photo by Marc Sendra Martorell on Unsplash