For all you bitcoin skeptics out there here’s a lovely chart from Jeremy Grantham that compares bitcoin to other famous bubbles in history:
As a nation we don’t teach how to manage money to children – or to adults.
It should be part of the National Curriculum – more important than History or Geography or Physics or Chemistry.
Only Maths and English exceed its worth.
But we invest more in the learning of dates or formation of volcanoes or movement of smoke molecules or the periodic table than how to guard your cash – how to avoid running up debts – how to invest wisely – how to plan for retirement and how to spot a con.
For PPI – Equitable Life – dotcom stocks and the rest – now read bitcoin.
Such is the smell – the grip of money – the prospect of making a quick profit – that the cryptocurrency is the current crowd must-have.
Humanity’s earliest truly transformative general purpose technologies were the ability to cross-fertilise plants and cross-breed animals.
Suddenly it made more sense to farm than to hunt and gather.
The surge in agricultural output meant humans could do other things than worry about survival – they could live in cities.
Human civilisation began.
The story of the subsequent millennia has been how some 30 general-purpose technologies of equal power – ranging from the printing press to the steam engine – have driven similar leaps in transforming our economy our lives and our civilisation.
Today we are living through another.
Digitisation is if anything even more powerful – it is a meta general-purpose technology.
No area of human activity will be left untouched by the translation of the physical into digital data.