A view of Credit Suisse in the Canary Wharf business district in London. The collapse of Archegos Capital in March has resulted in huge losses for banks including Credit Suisse. Unexpected incidents like this are the biggest risk facing markets. Photo: Getty Images
A view of Credit Suisse in the Canary Wharf business district in London. The collapse of Archegos Capital in March has resulted in huge losses for banks including Credit Suisse. Unexpected incidents like this are the biggest risk facing markets. Photo: Getty Images
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Why bitcoin’s volatility is the least of the problems facing world markets

  • The market capitalisation of crypto assets as a share of global GDP is significantly less than that of dotcom stocks in the late 1990s
  • The biggest risk for markets is an out-of-the-blue incident that exposes deeper problems in the financial system, triggering a major sell-off

A view of Credit Suisse in the Canary Wharf business district in London. The collapse of Archegos Capital in March has resulted in huge losses for banks including Credit Suisse. Unexpected incidents like this are the biggest risk facing markets. Photo: Getty Images
A view of Credit Suisse in the Canary Wharf business district in London. The collapse of Archegos Capital in March has resulted in huge losses for banks including Credit Suisse. Unexpected incidents like this are the biggest risk facing markets. Photo: Getty Images
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