It wasn’t so long ago that only the most committed bores spoke of money in abstract terms: money as a mere ‘concept’ (the rest of us got on with earning it). Today, that’s not the case. Thanks to bitcoin, everybody seems to have accepted money really is just an idea, one that in its current, government-controlled form might be due an upgrade.
Last year, bitcoin came — seemingly out of nowhere — to dominate financial news for what felt like months, forcing a re-evaluation of traditional notions of value and currency. The world watched as the price of a single bitcoin tore ever upwards, hitting a peak in December of £14,354. Since then it’s returned to hover around £5,000, where, depending on how you feel about cryptos, it either lurks ahead of another manic lurch upwards, or rests briefly on its inexorable march toward irrelevancy.
Should we fear bitcoin? Certainly, there are people who do.
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in