Masanin tattalin arziki kuma mai cinikin macro Alex Krüger ya yi jayayya cewa "crypto" ta gaza sosai a matsayin nau'in kadari, ko da yake karɓar tushen blockchain yana ƙaruwa a wurare kamar stablecoins, tokenization, kasuwannin hasashen, perpetuals, AI, da kadarorin da ke mai da hankali kan sirri. A cikin wani rubutu a kan X, Krüger ya yi bambanci a sarari tsakanin kasuwar crypto ta hasashe na zagayowar kwanan nan da sassan masana'antar da ya yi imanin har yanzu suna nuna ci gaba na gaske. Babban batunsa ya kasance a sarari: yawancin alamun crypto ba su ƙirƙiri ƙima mai dorewa ga masu riƙe su ba, yayin da masu kafa da masu ciki suka yi amfani da rashin kariya mai rauni akai-akai don cire kuɗi daga masu zuba jari na dillalai. "Ina ganin 'crypto' a matsayin nau'in kadari da ya gaza a wannan lokaci," in ji Krüger. "Na bayyana dalilin da ya sa sau da yawa. Musamman, yawancin kadarorin crypto ba su da amfani ko kuma suna da mummunan tarin ƙima, kuma yawancin masu kafa sun yi amfani da rashin shingen kariya kuma suna zubar da mutane ba tare da nuna bambanci ba, ko kuma masu zamba ne kai tsaye." Krüger ya ce barnar ta ƙara tsananta da abin da ya kira "Memecoins SuperBullshitCycle," yana kwatanta shi a matsayin yanayin hasashe wanda "ya kawo mafi munin abubuwa a cikin mutane" kuma ya shafe kuɗi da ƙarfin hali daga mahalarta kasuwa. Ya kuma yi nuni da "guguwar hare-haren DeFi mara ƙarewa," wanda ya ce ya ƙaru sosai tun watan Afrilun da ya gabata, a matsayin wani abu da ke cutar da amincin crypto a matsayin nau'in kadari na zuba jari.
Krüger Yana Ganin Karɓar Yana Ƙaruwa, Amma Ba A "Tsohuwar Crypto" Ba
Masanin tattalin arziki ya yarda cewa ra'ayinsa na iya zama mai karo da juna, ganin cewa wasu sassan da ke da alaƙa da blockchain har yanzu suna girma da sauri. Ya ambaci karɓar stablecoin da ke ƙaruwa, 'yan siyasa masu goyon bayan crypto a fili a Amurka, turawar kuɗin gargajiya don tokenize kadarori, ƙara amfani da equities da commodities perpetuals a kan dandamali na waje da DeFi, ci gaban farko na kasuwannin perpetuals na Amurka, da rawar da kasuwannin hasashen ke takawa a cikin kwararar bayanai na yau da kullun. Amma Krüger ya tsara yawancin waɗannan abubuwan a matsayin "blockchain" fiye da "crypto," yana nuna cewa tsarin aiki da matakin aikace-aikace na iya ci gaba yayin da kasuwar alama ta gado ta kasance mai rauni a tsari. A ra'ayinsa, babban keɓantawa shine inda alamun ke da alaƙa mafi haske da kudaden shiga, buƙatar mai amfani, ko hanyoyin dawo da jari. "Kaɗan daga cikin waɗannan keɓantattun har ma suna rarraba mafi yawan kudaden shiga ga masu riƙe ta hanyar buybacks," ya rubuta, yana ambaton Hyperliquid musamman. "Wanda shine abin da kowane mai zuba jari yake so ya gani don zuba jari a cikin kasuwanci mai kyau maimakon labari mai wucewa." Wannan bambanci shine tushen hujjar Krüger. Ba ya cewa kasuwannin tushen blockchain sun mutu. A maimakon haka, yana cewa faɗaɗa, fallasa crypto mai dogaro da labari ta gaza sadar da irin ƙimar da aka yi wa masu zuba jari alkawari, yayin da ƙaramin rukuni na sassa ya fara kama da kasuwancin aiki ko wasan kwaikwayo na ababen more rayuwa.
Sirri Da AI Sun Fito
Krüger ya gano sirri a matsayin ɗaya daga cikin "tsoffin makaranta" nau'ikan crypto da ke da mahimmanci. Ya yi jayayya cewa buƙatar sirri, wuraren ajiyar ƙima marasa kulawa na gaske ne, ko da wasu daga cikin wannan buƙatar ta fito daga ayyukan haram. Ya yi nuni da kwace dala biliyan 15 na Bitcoin daga ayyukan yanka alade da ke da alaƙa da Cambodia da Ma'aikatar Shari'a ta Amurka ta yi, yana lura da cewa an gabatar da takardar shari'a a ranar 8 ga Oktoba, 2025. "Tabbas, kowa yana buƙatar sirri, ba kawai masu laifi ba, amma kwararar laifuka na gaske ne, kuma babba," in ji Krüger. "Kadar da ke jan hankalin mafi yawan kwararar ruwa a cikin wannan yanki ita ce Zcash. Ayyukan Zcash na kwanan nan sun kasance masu ban sha'awa, saboda yana tafiya sama yayin da bitcoin ke tafiya ƙasa, alamar sake rarraba gaske tsakanin masu bitcoin." Sauran nau'in da Krüger ya ce bai mutu ba shine AI. Duk da haka, ra'ayinsa game da sashin ya kasance mai zaɓe. Ya bayyana yawancin alamun AI a matsayin "masu tashi sama, marasa tushe, alamun da ke tafiyar da labari." Ya haskaka Venice a matsayin wanda ya yi fice saboda yana ganin yana da alaƙa da dandamalin AI mai zaman kansa wanda ke samun masu amfani da kudaden shiga. Wannan ya kai Krüger ga ƙarshe mai daidaito fiye da yadda taken ke nunawa. Ya yi imanin cewa tsohuwar kasuwar alama ta lalace, amma ba jagorar gabaɗaya na ababen more rayuwa masu ƙarfin crypto ba. Stablecoins, kadarorin da aka tokenize, kasuwannin hasashen, perpetuals, AI, da sirri na iya tsara labarin zuba jari na gaba na sashin—idan alamun da ke da alaƙa da su sun nuna ƙima ta gaske, ba kawai hasashe da aka sake yin amfani da shi ba. "Don haka mutum na iya cewa tsohuwar 'crypto' nau'in kadari ne da ya gaza," in ji Krüger, "amma daga toka sai sababbin farawa suka fito, kuma sabuwar fuskar crypto ita ce wacce take da rinjaye ta buƙatun TradFi, kasuwannin hasashen, AI, da sirri." Layin rufewarsa ya kama rikicin da yake gani a kasuwa: "Crypto tana da ban tsoro. Rayuwar crypto ta daɗe." A lokacin bugawa, jimlar kasuwar crypto ta kai dala tiriliyan 2.28. Hoton da aka ƙirƙira da DALL.E, ginshiƙi daga TradingView.com.
Tambayoyin da Aka Yi Yawa
Anan akwai jerin tambayoyin da aka yi yawa game da da'awar cewa crypto nau'in kadari ne da ya gaza, an rubuta su cikin yanayi na halitta tare da amsoshi masu haske da taƙaice.
Tambayoyin Matakin Farko
1. Menene ma'anar idan wani ya ce crypto nau'in kadari ne da ya gaza?
Yana nufin sun yi imani cewa crypto bai cika alkawuransa ba. Maimakon ya zama wurin ajiyar ƙima mai dogaro ko tsarin biyan kuɗi da ake amfani da shi sosai, suna jayayya cewa an fi amfani da shi don hasashe, yana da matuƙar canzawa, kuma bai magance matsalolin da ya yi niyyar gyara ba.
2. Me yasa masanin tattalin arziki sananne zai faɗi haka?
Masana tattalin arziki galibi suna mai da hankali kan abubuwa kamar kwanciyar hankali, amfani, da ƙima na dogon lokaci. Suna nuni ga sauye-sauyen farashin crypto, rashin amfani a duniya don sayayya na yau da kullun, da manyan zamba ko faɗuwa a matsayin hujjar cewa bai zama zuba jari mai dogaro ba.
3. Shin crypto ba shi da amfani a zahiri?
Ba lallai ba ne. Wani abu na iya samun ƙima ba tare da zama nau'in kadari mai kyau ba. Hujjar masanin tattalin arziki ita ce ta gaza a matsayin zuba jari mai dogaro ko kuɗi—ba cewa ƙimarsa 0 ba. Mutane da yawa har yanzu suna samun kuɗi ta hanyar ciniki da shi, amma yana da haɗari sosai.
4. Menene bambanci tsakanin crypto da kuɗi na yau da kullun?
Kuɗi na yau da kullun yana da goyon bayan gwamnati, yana da kwanciyar hankali, kuma ana karɓa sosai don haraji da lissafin kuɗi. Crypto ba shi da goyon bayan kowace gwamnati, ƙimarsa tana canzawa sosai, kuma wurare kaɗan ne ke karɓa don abubuwa na yau da kullun.
5. Shin Bitcoin bai tashi da yawa a kan lokaci ba?
Ee, Bitcoin ya ga riba mai yawa. Amma hujjar nau'in kadari da ya gaza tana game da canzawa da haɗari. Faɗuwar kashi 50 cikin ɗari a cikin wata ɗaya abu ne na al'ada ga Bitcoin, yayin da faɗuwar kasuwar hannun jari abu ne mai wuya. Wannan matsanancin canzawa yana sa ya zama wurin ajiyar ƙima mara kyau ga yawancin mutane.
Tambayoyin Matakin Ci Gaba
6. Wane takamaiman ma'auni ne masana tattalin arziki ke amfani da su don kiran crypto a matsayin kadari da ya gaza?
Suna kallo:
- Canzawa: Crypto ya fi hannun jari canzawa sau 3-5.
- Haɗin kai: Yana aiki sau da yawa kamar kadari mai haɗari, yana tashi da faɗuwa tare da hannun jarin fasaha, ba a matsayin kariya daga hauhawar farashin kayayyaki ba.
- Karɓa: 'Yan kasuwa kaɗan ne ke karɓa don biyan kuɗi.