When all that glistens is not gold, it could well turn out to be Bitcoin
Published 19/04/2015 | 02:30
I must admit I ignored all articles and news commentaries about Bitcoin until very recently. It was only when I read (with amazement) that two universities in the United States had launched academic courses on the subject that I began to check my long-held sceptical view.
On further reading, it transpired the universities were more interested in the commercial spin-offs from Bitcoin's potential technological breakthrough, than staking their future on forecasting a new reserve currency.
Essentially, the colleges were promoting their courses as platforms to attract venture capital for start-ups associated with the as yet unproven technology. It was then I remembered one of my own university finance professors remarking whilst discussing the capital asset pricing model: "Everyone's in sales, even those of us who don't know it".