Some 13 years because it was invented, bitcoin’s value reached a report excessive earlier this month, having quadrupled in worth prior to now 12 months. It beforehand reached a excessive in December 2017 however fell 70% the next yr.

As somebody who invested in 2018 on the again of the final wave, albeit a modest €1,000 when the value was $11,000 (€9,000) a coin, I’ve since seen its value transfer like a rollercoaster. Whereas bitcoin is just one of greater than 3,000-plus cryptocurrencies, it’s the founding father of the style, and essentially the most broadly mentioned one and most traded. However it ought to include warning lights.

On the day I sat down to jot down this column, bitcoin’s worth fell 17%. As a monetary