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David Fickling

Gold Wins, Bitcoin Loses

So much for the digital currency providing negative beta.
Photographer: Ulrich Baumgarten/Getty Images

Oh, Bitcoin. Your problem was never that you were too unpredictable. It was always that you weren't unpredictable enough.

Bitcoin was never really going to cut it as a true currency. Its astronomical volatility -- which is a problem if you want certainty about the value of your transactions or wealth -- means that the likes of the Uzbekistani soum or the Ethiopian birr stand a better chance of supplanting the greenback.