But I don't mind. 'Live and let live, boss!' Yeah, maybe. / They've got something to say about Bitcoin. 'What about Mikeycoin?' Er, nothing about that, Voice. 'Oh.' I don't think they're in the loop with recent developments. It doesn't matter. / Anyway ...
Is Bitcoin part of a tech bubble?
Bitcoin was all over the place this week - and not just in the media. It reached an all-time high by breaking through the $11,000 mark but then fell by 20%. Its sharp rise brought back memories of the dotcom bubble back at the turn of the century, and Bank of England deputy governor Sir Jon Cunliffe has said investors should "do their homework" if considering it.
Our view at Coutts is that, as an investment asset, electronic currencies like Bitcoin have nothing but sentiment backing them up, are vulnerable to government sanctions and lack the kind of data we look for to gauge value. We therefore have no current plans to include them in our investment strategy.
In our view the development of blockchain technology, which sits behind so-called 'cryptocurrencies' like Bitcoin, is a far more interesting area to watch. This new technology has the potential to disrupt any field where there's the need for secure, transferable records.
Okay, okay. [$11,000? It's higher now.] There's a bit more of these Coutts on Bitcoin, but ... I tell you what, dear reader(s). 'What, boss? Tell me!' Well, what about that treasure in the rubbish tip? 'Eh?' Real treasure I'm talking about. 'Yeah?' Yeah. Big time. Listen. Some guy, years ago, bought £7,500 worth of Bitcoin, and then he threw his laptop away, containing the treasure, right? 'What fucking treasure?!' Christ! The Bitcoins, man! Because they are treasure now. They're worth £75 million and they're in some rubbish tip somewhere, but this guy's local council won't let him go through all the rubbish to find the laptop. 'Ha!' It's a sad story, Voice, reader(s). But if it were my laptop and my bitcoins ... 'What?' Well, just imagine. I wouldn't be crying in my beer every night. Let's put it that way.
Okay, okay. There's, uh ... some ECB stuff. I ain't interested in that. 'What about oil production, boss?' Yeah, all right.
Oil production to stay slow next year
The Opec group of energy producers met in Vienna and agreed to extend its oil production cuts until the end of next year to further bolster prices.
Since production cuts began in January, the price of a barrel of Brent crude oil has risen from about $50 last year to more than $60 today. Market reaction was muted as the decision to extend production cuts was widely anticipated.
At Coutts we are broadly neutral on oil and still see oversupply as an issue - although demand has been strong because of synchronized growth across major economies.
And that's it, blog fans! No endorsements or recommendations, of course. 'Thanks, Coutts!' Yes, thank you, Coutts.
...
Anything else? Well, it's the end of the week. 'Brilliant!' Oh, just one more thing, other news, like: The Conservatives are now blaming disabled people for low productivity in the economy, which is what you would expect from conservatives, seeing as they're such lovely people and everything. 'So it's not news really.' No.
Have a nice weekend, alligator(s)! 'Laters!' Bye.
Is Bitcoin part of a tech bubble?
Bitcoin was all over the place this week - and not just in the media. It reached an all-time high by breaking through the $11,000 mark but then fell by 20%. Its sharp rise brought back memories of the dotcom bubble back at the turn of the century, and Bank of England deputy governor Sir Jon Cunliffe has said investors should "do their homework" if considering it.
Our view at Coutts is that, as an investment asset, electronic currencies like Bitcoin have nothing but sentiment backing them up, are vulnerable to government sanctions and lack the kind of data we look for to gauge value. We therefore have no current plans to include them in our investment strategy.
In our view the development of blockchain technology, which sits behind so-called 'cryptocurrencies' like Bitcoin, is a far more interesting area to watch. This new technology has the potential to disrupt any field where there's the need for secure, transferable records.
Okay, okay. [$11,000? It's higher now.] There's a bit more of these Coutts on Bitcoin, but ... I tell you what, dear reader(s). 'What, boss? Tell me!' Well, what about that treasure in the rubbish tip? 'Eh?' Real treasure I'm talking about. 'Yeah?' Yeah. Big time. Listen. Some guy, years ago, bought £7,500 worth of Bitcoin, and then he threw his laptop away, containing the treasure, right? 'What fucking treasure?!' Christ! The Bitcoins, man! Because they are treasure now. They're worth £75 million and they're in some rubbish tip somewhere, but this guy's local council won't let him go through all the rubbish to find the laptop. 'Ha!' It's a sad story, Voice, reader(s). But if it were my laptop and my bitcoins ... 'What?' Well, just imagine. I wouldn't be crying in my beer every night. Let's put it that way.
Okay, okay. There's, uh ... some ECB stuff. I ain't interested in that. 'What about oil production, boss?' Yeah, all right.
Oil production to stay slow next year
The Opec group of energy producers met in Vienna and agreed to extend its oil production cuts until the end of next year to further bolster prices.
Since production cuts began in January, the price of a barrel of Brent crude oil has risen from about $50 last year to more than $60 today. Market reaction was muted as the decision to extend production cuts was widely anticipated.
At Coutts we are broadly neutral on oil and still see oversupply as an issue - although demand has been strong because of synchronized growth across major economies.
And that's it, blog fans! No endorsements or recommendations, of course. 'Thanks, Coutts!' Yes, thank you, Coutts.
...
Anything else? Well, it's the end of the week. 'Brilliant!' Oh, just one more thing, other news, like: The Conservatives are now blaming disabled people for low productivity in the economy, which is what you would expect from conservatives, seeing as they're such lovely people and everything. 'So it's not news really.' No.
Have a nice weekend, alligator(s)! 'Laters!' Bye.
