Ah, the soothing sight of red numbers (see price chart from ice3x). "Soothing? Red numbers?" I hear you cry out in confusion. Because you bet the farm, or at least the mortgage on the farm, or your daughter's university studies, on Bitcoin and now you only want to see green, green, green! Bitcoin, like some latter-day digital saviour, must rise up and bring you wealth and power, bushels of money pouring out of the ether into your coin holdings. You are not an investor, you are a believer! Bitcoin is your mammon and you are on your knees worshipping, right? Let me explain why red numbers are good. Bitcoin needs to transition from being a phenomenon to becoming a properly tradeable commodity if it is to avoid the fate of the Dutch tulips, doomed to be mocked forever as the flower of greed. The fact that the market rose above R178,000 per coin and then paused to hover around R155,000 is a sign that it is behaving rationally, exploring ceilings, asking what its price should be. We may h...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.