I suppose I’ve given my position away early with the title, but let me explain why I consider there to be something quite sinister about Bitcoin.
Speculative Bitcoin purchases rely on someone being willing to pay more for your Bitcoin in the future; one could argue this is a bubble no different from the tulip bubble of the 17th century or the Victorian fascination with the pineapple.
In the future, however, fossil fuels may be devalued with increasing carbon taxes and the social costs of heavy fossil fuel burning.
IMF estimates suggest the UK money laundering problem represents approximately 2 per cent – 5 per cent of GDP, i.e.
Even the most courageous investor might baulk at a product showing sustained losses month to month of over 20 per cent.