Few investment topics provoke as venomous a clash as cryptocurrencies. For supporters, they are a revolutionary godsend to escape the malign intent of currency debasing government, while opponents dismiss them as a dangerous fad peddled by the unscrupulous few to the naïve many. With often messianic zeal, the former predicts a future where the flimsy paper of sovereign issuers is replaced by the anchored certainty of decentralised scarcity, while the latter warn loudly of an historically pumped Ponzi collapsing again since November. The volatile path of Bitcoin – the grandaddy of crypto – neatly summarises the jagged battle: Bitcoin/US Dollar…

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