The future of cryptocurrency is dull. And so cheerful!

<p>It's important to remember that when it comes to economics, boring can be exactly what you're looking for.</p> <p>Crypto markets continue to be riddled with mysteries, but they are beginning to reveal theirs. The last few months of turmoil have demonstrated what Bitcoin and other crypto assets are good for: They are advanced globalisation tools, luxury items for complex, well-functioning markets, not defences against hostile governments' depredations.</p> <p>One common story, particularly popular in libertarian circles, is that when inflation becomes rampant and governments seize private wealth, cryptocurrency will be a vital refuge. This story appears to be false more and more.</p> <p>Many of the truckers who descended on Ottawa had their bank accounts frozen by Canadian Prime Minister Justin Trudeau in February. That action was quickly reversed, but the message was clear: political opponents' wealth is vulnerable. Payment providers also halted the flow of donated funds to the truckers. You'd think that crypto would have been used as a substitute, but that didn't happen.</p> <p>Since then, the rate of price inflation in the United States has risen to 7.9 percent, far higher than was widely expected a year ago. Given the turmoil in the oil and grain markets, European inflation rates appear set to rise as well. Nonetheless, both Bitcoin and Ether prices have fallen precipitously since November, and even more so since the beginning of March.</p> <p>Russia's attack on Ukraine has most likely increased the likelihood of a larger war, possibly involving nuclear weapons. However, this has not worked in crypto's favour.</p> <p>Wealth confiscation has been used against various Russian oligarchs, mostly in Europe, and the policies appear to be popular. However, one recent crypto price increase appears to be the result of a relatively tolerant executive order on crypto regulation issued by United States President Joe Biden.</p> <p>So, rather than considering crypto as a last resort for totalitarian, doomsday, or