Who’s afraid of cryptocurrency?
Since its inception, cryptocurrency has been regarded as technically fascinating but fundamentally unreliable. Those who invested £10 in Bitcoin eight years ago would have £1.6 million today — a fluctuation which, while mind-boggling, further undermines the notion that digitally created currency is a stable store of value. At first, it was dismissed as a toy for geeks. Then it was seen as a threat, used by criminals to buy drugs and guns. Some, like Lloyds Bank, have refused to carry out any cryptocurrency transactions on behalf of customers. But its popularity has kept growing and this week, it made a significant leap towards the mainstream. Rather than ban Bitcoin, the
