WaPo article - "Cryptocurrency is suddenly everywhere — except in the cash register"

Another sterling, skin-deep piece of journalism from the Washington Post: https://www.washingtonpost.com/business/2022/01/12/crypto-versus-cash/

The IRS said in 2014 that they consider Bitcoin to be property. While the CFTC classifies it as a commodity. Then of course, the SEC has said that cryptocurrencies “may be securities, depending on the facts and circumstances.” So moving forward, the US will need to provide some clarity on how they treat Bitcoin.

Saylor, who prudently declined to be interviewed for the piece, often cites the IRS assertion that BTC is property - the APEX property whereby energy can be digitally stored for 100 years or longer, while not eroding its value.

In his view, you should never sell your BTC - rather, you should find the weakest fiat currency available and obtain it by borrowing against your BTC. Why would you sell an appreciating piece of digital property for a currency that is only going to DEpreciate over time?

To use Saylor's analogy - if you bought a couple acres on Manhattan in the 1830's, when would have been the right time to sell them? The answer is never.

Another thing - the article cites NBER research that there is a greater concentration of wealth in BTC than in USD. This is contrary to what I've read - that the concentration of BTC among the whales is actually becoming more diffuse. Just last week, Willy Woo tweeted a couple of charts supporting this.

Lastly - and this might be a nitpick - WaPo lump BTC in with altcoins as if they're all the same. The article goes back and forth talking about Bitcoin itself to talking about cryptocurrencies in general. They never draw the distinction - or even signal they are aware that there IS a distinction.

This piece - and its author - have demonstrated a lack of fundamental understanding when it comes to Bitcoin. Furthermore, it reeks of condescension and self-satisfied intellectual elitism. I'll be using it to wipe my ass this morning.

Your thoughts?