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What Warren Buffett Gets Right About Bitcoin

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Before I exited academia, I trained as a financial historian. I looked at balance sheets in dusty, old archives and I investigated what banks were doing in Victorian Britain; I ran fancy statistical analyses on 19th-century stock prices to see if they behaved like modern portfolio analysis suggests stock prices should; and I looked at how money operated and how monetary regimes changed over time.

In all my reading, nothing annoyed me more than established economists with equation-filled whiteboards and paper models arrogantly declaring that some feature of money and banking was defective. With zero knowledge of the past, academics often stood up from their endowed university chairs and proclaimed that money could not be private, financial markets would disintegrate without regulators, and banks could not operate without governments backstopping them.

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