The proposition of swapping out gold for bitcoin in an investment portfolio borders on preposterous if you consider the increasingly neurotic nature of the crypto marketplace, and its vulnerability to criminal manipulation – not to mention the understated fact that virtual money doesn’t actually exist. Moreover, it isn’t recognised by most governments and therefore isn’t legal tender. Nevertheless, it appears that the global preoccupation with trading gold is waning, and is facing opposition from the Bitcoin psychosis – a modern day Klondike gold rush. Growing numbers of investors are gravitating towards, or at least evaluating, the potential gains in the cryptocurrency arena. Regardless of differing perspectives from economists on the liquidity of crypto investments, and the definition of their intrinsic value without authority recognition, Bitcoin is still appealing.

Many market commentators – rightly or wrongly – have dismissed the bitcoin phenomenon entirely, and claim it’s just imaginary money, which is currently in an expanding bubble driven by avarice that will inevitably burst when the value evaporates. However, cryptocurrencies allure doesn’t solely rely on its value alone. There is a rather seductive and fanciful notion of financial liberation, maybe even a little anarchic in perception. As the majority of governments and financial institutions are guilty of historical mismanagement of some kind – call it what you will – there is a sense of determined resolve for change in the air. The arrival of blockchain technology brings with it the opportunity to create the conditions for wide scale decentralised banking, which may lead us into believing we could do better ourselves. The cold reality however is that the world governments aren’t about to stand by and allow anyone to start trading money anonymously without taxation.