Bitcoin is back. One digital coin will now cost you £22,700, 65% more than in December. This makes sense to lots of people. The banking crisis has, one fan tells us, “drawn attention to bitcoin as a new way of storing wealth that is free from centralised points of failure”. Hold bitcoin and you get a hedge against inflation, an asset that will rise in price (thanks to limited supply) and of course a medium of exchange.
Maybe, maybe not. More likely not. Bitcoin sounds grand in theory. In practice it is anything but. The cryptocurrency isn’t a hedge against inflation (it is
