Bitcoin could soon have its own chamber of commerce. The news is on a par with anarcho-punk band Napalm Death announcing a lounge jazz album. Crypto-currencies, as championed by libertarians, were meant to challenge the financial establishment via fiat money, not apply for membership. The disruptive dream has fallen flat with the bitcoin price, which has slid by two thirds to $6,440 since December. The implied value of bitcoin in issue is about $107bn. If the crypto-currency was an S&P 500 company, it would not even make it into the top 50. US Fed officials meeting at Jackson Hole are unlikely to debate the threat to the dollar. In one simplified scenario envisaged by UBS, bitcoin would need to rise 30-fold to cover a day’s transactions on the Visa payments network. Analysts at the big bank also modeled demand, estimating that 70% of price action is speculative. Crypto-punks may take UBS’s verdict that "bitcoin cannot be considered money or a viable asset class [yet]" as a complimen...

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