TONY NORFIELD is completing a Ph.D. on "British Imperialism and Finance" at the School of Oriental and African Studies in London. He was previously Executive Director and Global Head of Foreign Exchange Strategy at a major bank in the City of London and publishes notes on developments in the world economy on his blog,
Economics of Imperialism.
By Tony Norfield
A Digital Alternative?
I first paid little attention to Bitcoin, thinking that there are probably more Elvis Presley impersonators than there are people in the world who have traded or owned it. But seeing that central banks have issued policy statements on Bitcoin, that the F.B.I. has seized Bitcoin assets used by drug dealers, and that tax authorities have given guidance on capital gains liabilities, while financiers are planning to offer exchange traded funds denominated in Bitcoin, I decided to take a second look. This article gives my assessment of this digital, alternative currency.