A bad week for bitcoin
At one point there seemed no stopping its rise
The JSE listing of Old Mutual’s former wealth management arm Quilter resulted in the share rising by about 6%. Quilter was spun out of Old Mutual and includes the UK wealth management operations. Its listing marks the final stages of Old Mutual’s break-up. CEO Paul Feeney has built Quilter into Britain’s second-largest financial adviser over the past five years. It now has a market cap of close to R51bn and is eligible for the Alsi 40. The share has been distributed to all owners of Old Mutual Plc shares.
At one point there seemed no stopping its rise. But greater scrutiny of virtual currencies by government regulators and growing doubts by global central bankers over the viability of digital money in the current financial system resulted in bitcoin falling to a year-low of US$5,755 before recovering to above $6,000. Its previous low, in February, was $5,920.72. The world’s first cryptocurrency reached a record high of just under $20,000 in December, so it has lost around 68% of its value. Mere growing pains?