I’m not here to tell you not to buy bitcoin, nor am I here to tell you to buy bitcoin. What I will tell you is that, believer or not, bitcoin is quite obviously here to stay, so it’s worth taking the time at least to understand how it fits into global capital markets.

I was ridiculed by some colleagues in 2018 by continuing to insist we should advise our financial services clients on bitcoin and other crypto-assets even after the dramatic price drop over that year, in which bitcoin lost 80% of its value. And lo, one of our former investment bank clients, a huge US bank, announced last week it was moving firmly into custody of digital assets...

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