The writer is chief executive of Schroders
Bitcoin’s price collapse will raise satisfied smiles from sceptics. They can congratulate themselves for being right on the valuations, at least for now.
They are right that over-exuberance is a danger — history has made that point several times. But the birth and growth in popularity of cryptocurrencies raise a further point to consider: is the investment industry failing to make the case for traditional investments? Are we missing a trick?
Around 300mn people hold crypto assets, industry estimates from cypto.com suggest. And even after the sell-off this year, there are still $1.1tn worth of digital assets in circulation.
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