The Financial Times released a hit piece on Bitcoin yesterday (Bitcoin passes $1,000 but the only number that matters is zero) in which they said:
"...the Central Intelligence Agency put the planet's stock of broad money - notes, coins, and various forms of bank account - at $82tn as of the end of 2014.
On the CIA figures, the value of bitcoins hashed into existence is similar to the broad money total for Uzbekistani soms. With apologies to Tashkent, the value of soms and bitcoins, and the number of people for whom they are relevant pieces of information in the world of modern finance, both round to zero."
So, am I to understand that an 8-year-old cryptocurrency experiment that has acquired more value than the broad money supply of 49% of the world's countries is somehow a failure? That sounds like success beyond anyone's wildest dreams 8 years ago if you ask me.
Go home Financial Times. You're drunk.
Link to original article here: https://www.ft.com/content/b5d66ed8-d1b3-11e6-b06b-680c49b4b4c0
Link to CIA's list of Countries by stock of Broad Money: https://www.cia.gov/library/publications/the-world-factbook/rankorder/2215rank.html