BoB closes door on cryptocurrencies

On Tuesday, Reuters reported that the global cryptocurrency market capitalisation had hit an all-time peak of $2 trillion (P22 trillion), led by its most popular product, Bitcoin, whose own market capitalisation was at a record $1 trillion (P11 trillion).

Bitcoin was by far the world’s top-performing asset class last year, rising by 300% and providing returns 10-times better than the next best performing asset. The cryptocurrency’s performance beat the combined gains of gold and the Dow Jones stock market by a factor of 10, as investors flocked to Bitcoin with the coronavirus (COVID-19) decimating economies and traditional markets.