The veil has long since fallen on cryptocurrencies: the essential thing about them is the fact that they are not money but speculative financial assets. To understand their success within the thousand speculative investment possibilities offered by today’s financial markets, we need to understand briefly what the technology on which they are based is like and what things it allows beyond the usual possibilities in “normal” speculative assets.
Tag: finance capital
Yesterday, 12 major soccer clubs released a statement announcing the Super League, a new European club competition backed by JP Morgan. The Super League would likely kill UEFA’s European competitions, depriving FIFA’s European structure of a good chunk of revenue. Boris Johnson, Emmanuel Macron and even the European Commission immediately took a stand against it. Meanwhile, the clubs involved – and some candidates to participate, such as Borussia Dortmund – soared on the stock market. Underneath the battle for the Super League lie deep-rooted contradictions between states and financial capital.