💰 [Analysis] ”Cryptocurrencies are money, not equity” – Brendan Bernstein

Brendan Bernstein, a founding partner at Tetras Capital, published a Medium post that reminds us that cryptocurrencies – as they are a medium of exchange and/or a currency – should not be treated as equity. Drawing the line between money and equity, Bernstein stresses that, “money only has value because of the optionality it confers on holders, which is a byproduct of other people’s demand for money.” The long (but worthy) post dives into a number of other issues, but ultimately seeks to rid the reader of the comparison of tokens to traditional startup investing, and begin to understand the pivotal role investors play. As Bernstein puts it, it's ‘Altcoin rehab’.