This is via the head of Australia's biggest fund manager - Shane Oliver at AMP Capital
Not sounding like he'll be dropping much cash in crypto in a hurry ...
- It's impossible to value, generating no income flow - making it highly speculative (as evidenced in extreme volatility) and subject to a crowd-driven mania (as we saw in 2017).
- New supply potential is huge - eg, from other crypto currencies and futures trading which is allowing easy shorting and syphoning away demand.
- Governments are likely to ramp up regulation of it, are unlikely to give up their monopoly of legal tender (and the "seigniorage" they earn from it) and will likely develop their own crypto currencies using block chain.
Bitcoin people - feel free to counter!
And while we're at it ... update on Asia trade today:
