B itcoin is not a currency and it’s not “digital gold” – it’s more akin to a fast-growing tech stock. This is the view of an experienced investor who used to run multi-asset funds for HSBC.
The cryptocurrency, whose value has soared and crashed repeatedly in recent years, does not derive its value from its scarcity – there is a limit on the number of coins that can ever be created – but from the number of people who use it, according to Charlie Morris, who founded ByteTree.com, a crypto data provider, in 2015 after a 17-year career at HSBC.
Bitcoin is not a currency and it’s not “digital gold” – it’s more akin to a fast-growing tech stock. This is the view of an experienced investor who used to run multi-asset funds for HSBC.
The cryptocurrency, whose value has soared and crashed repeatedly in recent years, does not derive its value from its scarcity – there is a limit on the number of coins that can ever be created – but from the number of people who use it, according to Charlie Morris, who founded ByteTree.com, a crypto data provider, in 2015 after a 17-year career at HSBC.
“Bitcoin is a network and its valuation is directly related to the size of that network,” he said. “The more people who use it, the more valuable it becomes.”...
