Jason, this was an interesting article that provides perspective from a financial services point of view, but… are you aware that Bitcoin isn’t a currency-in-waiting at all but merely empty hype? A currency is something that can be used as a medium of exchange at scale. But Bitcoin has a theoretical maximum transaction rate of (wait for it…) seven transactions per second worldwide. With tweaking it’s believed this could be pushed as high as 27 transactions per second, worldwide. To put this in perspective you probably already know that VISA alone handles 65,000 transactions per second. So if Bitcoin can’t actually be used as a medium of exchange, what’s it good for? Answer: nothing at all.

So Bitcoin is a speculative bubble and its value is based entirely on a misconception of what it is. I applaud fund managers who are standing back from this absurd fantasy because while it’s clearly possible to make money during the irrational exuberance of momentum investing, just as with every other bubble in financial history the ultimate losses will be severe.

Anyone who enjoys my articles here on Medium may be interested in my books Why Democracy Failed and The Praying Ape, both available from Amazon.