In the Wall Street Journal, Greg Ip makes the claim that the downturn in cryptocurrency markets and the fall of TerraUSD, an algorithmic stablecoin, are proof of “the hollowness of crypto’s libertarian promise.” But that is far from being the reality of the matter.

The article’s general analysis of the state of cryptocurrency is correct. Bitcoin’s price has fallen from $40,801 to $29,656 in the last thirty days, TerraUSD fell from its peg last week, and the market as a whole seems to be under pressure. And the article is correct in noting that many cryptocurrency supporters see it as an innovation that is faster, cheaper, more accessible, and more decentralized than the existing financial system. But the article goes awry when Ip writes, “[Cryptocurrency] has had 13 years to make that case, and failed.”

It’s far from obvious how or why cryptocurrency had just “13 years” to transform the world or even that the current troubles mark the failure of cryptocurrency. And the current catalyst for the article––the fall of TerraUSD––is hardly indicative of cryptocurrency’s promise to “free mankind from the shackles of government,” regardless of if TerraUSD’s creator, Do Kwon, was inspired by libertarianism. However, the fall of TerraUSD does illustrate just how important it is for people to have the freedom to choose across a variety of options. Prices may fall and projects may end, but that does not mean cryptocurrency’s potential to offer an alternative to the status quo is false.

While the general analysis of the state of cryptocurrency in the article may be valid, the conclusion that cryptocurrency offers an empty promise for liberty is far from sound.