Plunging Bitcoin shows why hard currency is a safer bet
In Robert Harris’s The Second Sleep, the novelist imagines a world hundreds of years in the future where humanity has regressed to a mediaeval standard of living, population and way of thinking. Towards the end of the book we learn what might have caused this calamity: not a pandemic, meteorite strike or nuclear war but a complete collapse in the digital economy. From payment systems to just-in-time supply chains and the wealth of machinery that supports our lifestyles, the modern economy is almost wholly dependent on digital instruction. If everything went down all at the same time, a state of anarchy would rapidly establish itself. In the ensuing chaos, it would be every man for himself with likely devastating consequences for lives and civilisation more widely. It is admittedly hard to imagine what combination of circumstances might completely and lastingly disable the digital economy – nonetheless, cyber threats are very much a real, present and fast increasing danger. Once that de...