NYT ignoramus says “banks now love crypto” and essentially the sky is falling because “Unlike paper currencies, whose value can be at least partly controlled by central bank intervention (think: printing more money), the price of crypto is set by supply and demand.” Oh Noooo!!! 😱

🤦🏻‍♂️ @

https://messaging-custom-newsletters.nytimes.com/dynamic/render?campaign_id=9&emc=edit_nn_20250814&instance_id=160520&isViewInBrowser=true&nl=the-morning&paid_regi=0&productCode=NN®i_id=62907478&segment_id=203875&sendId=203875&uri=nyt://newsletter/182f6e89-ea1e-579c-a58e-5aa7856c8352&user_id=854b0a871c6995cd5ce9e5c36973e34f

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Wow, this is a hilariously bad take.

“Some changes may threaten the very backbone of the banking system: your personal checking account.”

Oh noes…! 😱

This is the first time I've seen an argument for paper money. It's not a good argument, but the first one I've seen.