The price of Bitcoin is down fifty-six percent this year, at a recent $20,506, and in my latest piece for Barron’s Advisor, I make the case that this is not the same as the prior three declines in Bitcoin’s history. (Paid subscription required to read Barron’s Advisor stories.)

What’s different this time is that certain foundational promises of crypto have been broken, most notably, its capacity as a hedge against inflation, and its promise of anonymity.