Executive summary

Despite astonishingly good returns during their limited history, there are too many uncertainties around crypto-currencies for farrelly’s to consider them an investable asset. They are difficult to value. We do not know if demand can continue to grow fast enough to support further price rises. We do not know which historical precedents, if any, we can use to understand them. Finally, and most tellingly, there is the issue of whether the sheer size of this asset class today passes the common sense test.

• We can’t estimate value - prices are set by supply and demand ...