Earlier quoted context omitted.
As long as fiat currency keeps getting pumped out, people will want something else, more scarce, to hold their wealth in. That could be bonds, gold, stocks, real estate, or why not crypto? Crypto is easy to transfer.
Because it doesn't seem like Crypto is a good inflation hedge. If you're worried about inflation from unwise increases in the fiat money supply, then it seems like you want something with intrinsic value (real estate, other tangible assets, inflation protected bonds, etc), but crypto is the opposite of that. It's too volatile to be an actual currency so what is it exactly other than a purely speculative asset?
Assets with a cash flow have something you can calculate by discounting future income. But at what rate? The market rate? Some people have a higher time preference compared to the market rate, while others have a lower one. In any case, that preference is not negative as in the EU. Nobody wants to receive money later instead of now.
"Other tangible assets" are also a risky bet. Oil hit a negative price in 2020. If supply adjusts to demand, prices should go down as technology makes it cheaper and cheaper to produce things.
Even food is subjective. You can eat for optimal health, but few people are doing that, and instead eat much too much meat. Meat requires much more land per gram of protein.
What happens if people stop SUBJECTIVELY choosing branded sugar water? Coca Cola goes down, which is what "value" investor Warren Buffett owns as 6.71% of Berkshire.
https://whalewisdom.com/filer/berkshire-hathaway-inc#tabhold...