Punting on the blockchain

Bitcoin and its ilk are loved and loathed. In many eyes these are fabricated assets and hold only fictional value. You can make many of the same arguments against the fiat currencies we all treasure too. Like most things, their value is not intrinsic, but a result of the faith we place in them through social acceptance and trust. While they have many faults, as new assets should, it is difficult to argue that cryptocurrencies are not real innovation. Central banks recognise this, hence the push towards central bank digital currencies (CBDCs). Despite the current froth in prices and the extreme volatility we continue to see, we remain long Bitcoin and Ethereum.

To read the full report - Login or Subscribe