Bitcoin’s Argentina ‘revolution’: No reason to be bullish on bitcoin

Fortune

The New York Times Magazine published a meaty feature this weekend asking the question, « Can Bitcoin take over Argentina? »

The article follows a long tradition of bitcoin reportage, filled with detailed accounts of swashbuckling early adopters and traders of the virtual currency, many of whom made a pretty penny as the dollar value of bitcoin rose to great heights in the fall of 2013 before crashing shortly thereafter. Still, at roughly $230 per bitcoin, the virtual currency is valued at roughly twice of what it was two years ago.

In the introduction to the Times Magazine’s money issue, Adam Davidson describes the emergence of bitcoin as a truly revolutionary development that is confounding central bankers, writing, « the Federal Reserve has no idea how much money is out there, at least in all its digital forms, or how fast the overall supply is growing. This is alarming, because the whole concept…

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