"I don't think we'll all be paying in bitcoin for tickets to Kanye West's 2024 presidential victory tour."

You can’t use bitcoin for much today besides gambling in online casinos and reserving seats on Virgin Galactic spaceflights, and a vast majority of it is held by speculators. Even with the imprimatur of government regulation, the promise of bitcoin seems to end with helping online retailers avoid credit-card processing fees. Bitcoin is mainly innovative in the way of credit default swaps: new ways to gamble with money.

Thomas L. Friedman is off today, so here’s this.