New Criticals

Instability is not a feature of Bitcoin and volatility is not its problem. National currencies like the U.S. Dollar and the Euro are propped up as stable because they have to be; their true value is symbolic. Bitcoin has no symbolic value that fits comfortably into the already existing system. The peaks and valleys of the Bitcoin price is an accurate reflection of the deep structural instability of the contemporary (digital) financial market. The unpredictability of the Bitcoin price index is an expression of the already catastrophically volatile world financial market that runs on total, apocalyptic speculation – derivatives, risk trading, macro-trades in micro-time, all performed thousands of times per second, in bulk, to extract a value per trade in increments of fractional cents on the dollar.