Ian Guider: Troubled times take the shine off crypto

Inflation, pandemic and war should be creating the ideal conditions for bitcoin and its ilk to thrive. Instead they’re behaving like any other risk assets

‘Perhaps crypto should just be valued like a tech stock, which brings with it the risk of falling back to earth.’ Picture: Getty

A once-in-a-century pandemic causing economic turmoil. Inflation at a 40-year high in the developed world. A land war in Europe and share prices in bear market territory.

This is the type of apocalyptic scenario that ZeroHedge, the financial blogger, has been forecasting for years and it should create the ideal conditions for cryptocurrencies to thrive.

They have been doing extremely well for the past couple of years. But not so much now.

Bitcoin has plunged ...