If you ever see me, in any forum, recommending that people should buy crypto, then one of two things has happened. Either someone has created a deep fake of me, or I have been kidnapped. In the latter scenario, “buy crypto” would be my secret distress signal. Call the cops.
Nonetheless, it is hard to ignore the startling rally in bitcoin. Trust me, I’ve tried. Somehow, despite a swirling hellfire of regulatory aggression and legal strife afflicting several of the key institutions in this space, the price of this token has risen by 160 per cent this year (not a typo) to $44,000, in a rally that has accelerated sharply over the past week or so. That comfortably eclipses any traditional asset class on the planet.
To be clear, if people want to buy these tokens, I bear them no ill. People spend money on Crocs sandals, real ale and other things I don’t like all the time. Similarly, taking a punt on a crypto token is just as valid as buying a lottery ticket or putting a fiver each way on the 1.40 at Kempton racecourse. Nothing wrong with that. If you want to do this, knock yourself out. I hope it makes you rich. If it does, the last laugh will be yours, so please don’t bother sending the usual all-caps emails telling me I’m an idiot — they’ll just go in the file with the others.