Market Analysis by Michael Lebowitz covering: Euro US Dollar, Intercontinental Exchange Inc, US Dollar Index Futures, Bitcoin US Dollar. Read Michael Lebowitz's Market Analysis on Investing.com
Coin, and the aptly named Shit Coin, create wealth. While they have made sizable profits for countless coin issuers and traders, the amount of dollars in the financial system remains unchanged.More importantly and not advertised by the pro-crypto bandwagon, our potential national wealth suffers as the valuations of most cryptocurrencies grow.
The following table, courtesy of CoinGecko, shows the top meme coins and their respective market caps. They sum up to nearly $90 billion.Cryptocurrencies fall into four broad categories. Some cryptocurrencies, such as meme coins, have absolutely no value. However, some do serve a purpose.
The capital or “wealth” tied up in meme coins is money not being used for other purposes. Those purposes entail many things, from gambling or vacations to productive investment or charity and billions of other productive and unproductive uses.ratio multiple times, proving that aggregate debt has been unproductive. That is not debatable. If debt in aggregate were productive, the ratio would decline, regardless of how much debt was employed.
Unproductive debt isn’t the only culprit behind slowing productivity growth. The misallocation of capital via meme coins has the same undesirable effect.Productivity measures the leverage an economy can generate from its two primary inputs: labor and capital. Without productivity, the economic growth rate relies solely on the growth of the two primary inputs.
Like unproductive debt, when a dollar is used to purchase a meme coin or other cryptocurrency, that is a dollar not used for productive means. We will stagnate if we continue to forego investments in productivity growth and favor investing in memes and other unproductive ventures.
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