The cryptocurrency might yet justify a high price. But it will not up-end global finance
[Verb] To turn (something) upside down, to invert (something).
Today’s bitcoin enthusiasm is striking because basement-dwelling libertarians are not the only ones talking it up.
An advocate or supporter of a political philosophy that advocates only minimal state intervention in the free market and the private lives of citizens.
Were that problem solved, governments would clamp down quickly on any technology that threatened their monetary sovereignty.
Supreme power or authority.
Unlike bitcoin, gold has fundamental uses, but it is fluctuating demand from investors for the yellow metal, not jewellers and chipmakers, that drives prices.
Rising and falling irregularly in number or amount.
There are plenty of reasons to doubt that bitcoin can emulate gold.
Match or surpass (a person or achievement), typically by imitation.
The market is illiquid and cryptocurrency trading remains a wild west in which fraud and theft are rampant, and which facilitates crimes such as selling drugs online.
(of assets) not easily converted into cash.
(especially of something unwelcome or unpleasant) flourishing or spreading unchecked.
Investors in cryptocurrencies must tolerate a large dose of financial and reputational risk.
Allow the existence, occurrence, or practice of (something that one does not necessarily like or agree with) without interference.
Hedge funds, which thrive on dicey investments, may be piling in but the stolid end of Wall Street, which includes pension funds, is wary.
Place (things) one on top of another.
(of a person) calm, dependable, and showing little emotion or animation.
Feeling or showing caution about possible dangers or problems.