After more than 15 years of bitcoin, we’re no closer to knowing what its point is.

It’s much easier to say what it is not. Bitcoin is not digital gold or a hedge against inflation, contrary to how crypto assets have been pitched to investors.

Nor is bitcoin a currency, an effective risk asset, a store of value, a safe haven, an alternative to traditional banking or a productive asset, since it has no cash flow, earnings, dividends or yield.

At least, it doesn’t do any of those things well. None of the use cases hold up any longer.

There is no story behind bitcoin any more. It’s not even clear why it has had such a calamitous few…