Three weeks ago, I used this column to explain why I was still not taking crypto seriously, despite the number of allegedly very serious and grown-up investors getting involved in it. Since then, the market has crashed by about 30 per cent, with many so-called “stablecoins” proving themselves to be anything but. Bitcoin’s value has now collapsed by more than half since its highs last year; Dogecoin’s by almost 90 per cent.
A reader wrote to me over the weekend to suggest a column idea: “This week, I was thinking you should write a massive ‘I told you so’ article :)”.
The truth is, it would be slightly disingenuous for me to claim that I did indeed tell you so. Arguing that crypto should not be taken seriously is not the same as arguing that it is about to crash, and in a market driven by little more than sheer faith — and whatever Elon Musk has just tweeted — trying to predict future prices is a fool’s game.