If Bitcoin is virtual gold then what’s it worth?

Thursday, 27 June 2019

Beware the magazine cover indicator! The AFR went BTC wild yesterday:

…bitcoin is back in a big way. The virtual currency has jumped by 50 per cent over the past three weeks. As for what’s next, the boom and bust of 2017-18 is both a warning of what can go wrong and a promise of what might come.

…For one, Facebook’s announcement that it is planning its own virtual currency, Libra, for its billions of active users should lift the profile of bitcoin, as well as its peers, such as ethereum or litecoin. At least that’s the hope.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.