COMMENT | Wild West or Wall Street?

It’s anyone’s guess what the future price of bitcoin will be. Depending on who you listen to, it’s either the latest speculative fad which will end in tears; or else tomorrow’s currency of choice. The leading opinion makers for either case seem to be millennial-aged pundits with little or no financial expertise.

The first wave of investors into this new asset class has more in common with prospectors in a gold rush than the pin-striped bean counters who peddle stocks and bonds; and the ensuing volatility that followed reinforced the public’s perception of cryptocurrencies as more Wild West, less Wall Street...