In the FT’s July 16 edition, I counted 10 reports, including two letters and the Big Read, that had in their headlines the words “bet on digital future”, “crypto challenge”, “digitisation”, “cyber defence”, “stablecoins”, “big crypto”, “digital coin”, “Bitcoin”, “crypto-style valuation”, and “cyber security groups”.
If these titles were appearing in the “popular press”, instead of the FT, I wonder whether they would be in their money sections or on their racing pages? As several recent FT opinion pieces have argued that cryptos are not money, because they do not perform well any of money’s three functions, I rather suspect it would be the racing pages.
At Ascot, one might hear a bookie cry out “2/1 digital challenge, 5/1 big crypto, 10/1 the field”.
Professor of Economics
University of Connecticut
Mansfield, CT, US