The economy would be better off without bitcoin as it's a 'negative-sum' investment that comes at a social cost, economist says

• Bitcoin is a wasteful asset that doesn't add to global welfare, Dieter Wermuth, economist and partner at Wermuth Asset Management, wrote in a recent note.
• He says the bitcoin market is highly centralized, and primarily benefits early investors and miners.
• The tokens fail as currency, given their high volatility and lack of real-world use, according to Wermuth.

Despite calls from crypto enthusiasts to HODL (hold on for dear life), letting go of bitcoin may be good for world prosperity, at least according to one economist.