Cryptocurrency

‘Forecasting is a mug’s game’ is a truism attributed to everyone from fantasy author Douglas Adams to former Bank of England governor Mervyn King. It reminds us that commentators should never be smug when they call the near future right, or quick to crow at others who turned out to be wrong. I may have been a step or two ahead of the pack this season on inflation and recession risks and I’ve always said crypto, which we’ll come to in a moment, was the road to perdition. But I confess my record on property trends is frankly lamentable. Way back in the ‘negative equity’ era of the mid-1990s, I

The UN Food and Agriculture Organisation’s food price index rose 13 per cent last month to stand a third higher than a year ago. Within the index, cereals rose by 17 per cent – driven by interrupted Ukrainian and Russian wheat supplies – and vegetable oils by 23 per cent, Ukraine being the world’s biggest sunflower farmer. In the UK, wholesale milk is up 20 per cent, as farmers face rising fuel and feed costs. Supermarkets squeeze suppliers to suppress retail prices: but soon, around the same time as our next quarterly gas bills, we’ll feel the full impact at the checkout. And then what? We may be on the

Companies should willingly pay tax wherever they generate profits — this column has long argued — because it’s fair they should contribute to the cost of the public services on which all business ultimately relies, and because the reputation of capitalism as a whole is tainted when corporate tax bills are reduced to absurdly low levels by the use of offshore domiciles and spurious royalty payments that most governments lack the willpower to challenge. So I welcome at least one half of the G7 finance ministers’ agreement last weekend on a new global corporate tax regime. The half I’m ready to praise is the proposal that all countries should have

If you’re looking for proof we live in a computer simulation, consider the farcical story of dogecoin. Named after an internet meme about a talking dog, the joke currency was created as a parody of bitcoin. Dogecoin has no practical uses, yet online investors have ploughed billions into it. ‘We thought it would just make the viral rounds on social media,’ said founder Jackson Palmer. Last week the valuation passed $68 billion — more than Kraft Heinz and Ford. Palmer is now worth several hundred million dollars. Not bad for a Twitter gag. Although it’s seven years old, dogecoin wasn’t a big deal until a few months ago, when supportive

‘This time next year Rodney, we will be millionaires.’ If Only Fools and Horses was still being made I imagine the scriptwriters would have got Del Boy disastrously deep into cryptocurrencies. Dodgy, Get Rich Quick schemes, skirting around the law always were his forte. And that is how I view cryptocurrencies.  The bulls will cry, Louise you are wrong! The price of Bitcoin has doubled since the start of the year and up over 500 per cent in a year. The value of rival cryptocurrency Etherium has risen more than 1,500 per cent in the last twelve months. But cashing in depends on buying and selling at the right time

To most of us, cryptocurrencies remain an esoteric world, beloved by nerds and incomprehensible to the rest of us. Does Visa’s announcement this week that it will now process payments directly in a cryptocurrency called USDCoin change that, and hasten us to a day when we will all have cryptocurrency accounts which we use to do our day-to-day shopping? You don’t need to understand the mathematics of cryptocurrencies and blockchain to work out that the prospect of shopping with crypto is rather concerning for two reasons. Firstly, cryptocurrencies are an unregulated Wild West. While the pound in your pocket is backed by the Bank of England and the pound in