On Friday the price of Bitcoin fell to $5,791 – the lowest since last November and while it recovered in Tokyo the fall has led to a flurry of speculation that it will be wiped out.
We cannot know but since it is the largest of the cryptocurrencies and other smaller examples are apparently now worthless the possibility is clearly there.
But of course that may prove wrong – there may be some value after all.
What can we sensibly say?
First some thoughts about money in general – next some about this particular so-called ‘currency’ and then some about the consequences of a total collapse or a recovery.