Irish Examiner view: Cryptocurrencies remain an Achilles heel

With all the volatility in an unpredictable world, this is a moment for digital prudence

Five years ago a single Bitcoin sold at $500. Now it is priced at $62,000, a growth of 12,300%.

Back in November, when the world had more peace than it has now, we sounded a warning. Most of us, we said, wouldn’t recognise a cryptocurrency if we tripped over one on the streets of Dublin or Cork, much less know what to do with a non-fungible token, or where to find a blockchain.

Equally disorientating, we commented, are the market capitalisations which apply to some of the main providers. Bitcoin (BTC), the original cryptocurrency, is said to be worth 1.7 trillion US dollars. Five years ago a single Bitcoin sold at $500. Now it is priced at $62,000, a growth of 12,300%. By chance, in evidence given to a court hearing in Cork last week, we heard that five bitcoins, which had been purchased at €109 each, had reached an individual value of €62,000.