A few weeks ago, a reader emailed to challenge what he described as our “cautionary, skeptical and net negative” stance on Bitcoin. To make the case, our interlocutor, who wishes to remain unidentified, cited a series of blogposts written by Allen Farrington, a former fund manager at Baillie Gifford & Co., highlighting one example in particular:

The reader eloquently argued that inbuilt prejudices may blinker us to the emergence of a truly global digital alternative to fiat currencies. My response was to corral a different quote from the Austrian philosopher: To my mind, Bitcoin is “not a something, but not a nothing either.”1

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