05 Apr '13, 8pm

'Bitcoin is clearly a bubble'

That is why gold has been so much in demand during the financial crisis – and popular with shrewd sceptics in the years before. The clarion call of those "gold bugs", shrill in normal times, sounds more reasonable in the "new normal" – the age of unrestrained money printing and financial repression (using monetary policy to shift the wealth of citizens to government). This explains why Bitcoin – a global "cyber currency" – has exploded in popularity. The temptations of this phenomenon are easy to grasp: we crave an opportunity to hold wealth in a currency that cannot be devalued by printing more of it. Bitcoin, alas, is not that. More Bitcoins can be created by those who have a powerful enough computer, although there is apparently a ceiling on the total currency. People are ignoring the warnings, with the price charging higher. It is clearly a bubble – a tempting vessel f...

Full article: http://www.telegraph.co.uk/finance/personalfinance/commen...

Tweets

Bitcoin: the new gold or a giant bubble?

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