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The same argument can be applied to any financial asset.
This resulted in the name switching from “Soccer” and “Association Football”, to just “Football”; with the first documented case of the sport being called by the singular term “Football” coming in 1881, 18 years after it was first called “Soccer” or, officially, “Association Football”.If that’s true then governments can’t improve on a policy of allocating investment to those assets with the highest market return, which can be achieved by letting private capital markets determine all investment decisions.Bitcoins have no inherent usefulness, being a record of pointless calculations.Thus Rugby was, at that time, popularly called “Rugger”.Association Football was then much better known as “Assoccer”, which quickly just became “Soccer” and sometimes “Soccer Football”.In the 1860s, as in most of history- with records as far back as 1004 B.
C.- there were quite a lot of “football” sports in existence being played popularly throughout the world and of course, England.Even after recent declines, there’s no sign that prices will reach zero any time soon.On the other hand, if Bitcoins are valuable simply because people value them, then asset prices are entirely arbitrary.The financial sector should be cut down to (a small fraction of its present) size.It’s just been announced that Aurizon is not pursuing its application to the Northern Australia Infrastructure Facility to build a rail line to the Galilee Basin, essentially because the company hasn’t been able to secure any commitments from putative customers (most obviously Adani and GVK Hancock but also Clive Palmer and others). It’s now highly unlikely that coal mining in the Galilee Basin will go ahead any time soon.In these countries, the name “Soccer” was and, in some, still is preferred for this reason.