Thursday 24 August 2017

When all that glistens is not gold, it could well turn out to be Bitcoin

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Donnacha Fox

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".

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