At the center of his conclusion that Bitcoin and cryptocurrencies have no real value proposition is that the top Western currencies have no store-of-value problem. True, the US is not Zimbabwe, or Venezuela, but is a bright person like himself not aware that a dollar or pound is worth a small fraction of itself decades to a century ago?
Is it possible to stop people from telling half truths all the time?
Everyone is quick to say that the dollar depreciated like 99% during the last 100 years but why are they so forgetful to add that it is not just the dollar that lost value but also salaries and wages that rose proportionately, while the real purchasing power of people today is incomparable to what it had been 100 years ago?
The nominal value of the dollar (and how much it can buy) is irrelevant since it doesn't mean anything on its own without considering how much people can buy with their income. You can add a couple of zeros or subtract as many but as long as incomes change proportionately, it is completely inconsequential
It really is this simple: put a $100 bill on the table, and leave it for 100 years. How much purchasing power is left? And compare that to gold or Bitcoin. This is the store of value of a money, period.
Now if you want to argue the average person doesn't get hurt by this inflation, that's a completely different issue. First of all, you shouldn't store your savings in dollar cash. (Sure, your current income will keep going up, but what about the income of the past that you sweated equally for and saved away?)
If you want to argue that you can get better returns by investing in stocks, bonds and bank deposits... Fine, but, again, we're talking about the store of value of money, not stock in a company, and I don't think you want to get into how savers are forced by this money system to take risks and help prop up the system (which is where this discussion would lead to.)
You want to argue this entire system of money is beneficial? What you can point to is that material wealth has increased greatly overall. What I can point to is that this turbo-charging of growth is artificial, ie not driven by market forces but by central planning at the core monetary and financial levels of the system, by pumping money and debt into the system during the boom phase of the cycle.
The fruits of this unnatural growth is time poverty leading to all kinds of unhappiness, addiction and mental illness. And this is among the lucky. The unluckiest of the world get their family members and homes blown up by bombs because the system incentivizes the elites of the dominant imperial countries to use wars and 'regime change' to force other countries to support the system, directly or indirectly.
The state-bank alliance is the disease of this world.