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Is the cryptocurrency “house of cards” poised to fall?

In an interview with Bloomberg in June, Peter Denious, head of global venture capital at Aberdeen Asset Management, offered a concise explanation of the current cryptocurrency bubble: “Prices right now aren’t being driven by network usage, they’re being driven by speculation that tokens are going to appreciate.” By any measure, the rise of cryptocurrencies has been staggering. As of the end of last week, bitcoin was up 400% in 2017, and 740% over the past twelve months. Ether, the second-biggest cryptocurrency by market cap, was up 4,600% in 2017 alone. Such meteoric appreciation has proven polarizing—optimists claiming “the rocket ship” has barely left the ground; skeptics claiming irrational exuberance will leave investors ...

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