THE cryptocurrency’s believers are having an existential crisis. They shouldn’t be as worried as green tech advocates.
Bitcoin enthusiasts are in the middle of an existential crisis. Since its mid-April high, the price of bitcoin has tumbled by as much as 47%. Meanwhile, China – where up to three-quarters of the world’s supply comes from – is curtailing mining and trading. And how solid a rock is the world’s largest cryptocurrency when a few cryptic tweets from Tesla Inc founder Elon Musk can send it wobbling? Institutional investors have been heading for the exit – for gold.