It is of course an extremely volatile asset, but as this story was being drafted, bitcoin was up an incredible 69% (nice) this year. Gold — analogue bitcoin, if you will — has gained 11%, while the S&P 500 has advanced by 7%.

There’s a logical underpinning behind both bitcoin’s, and gold’s, appreciation: the trouble in the traditional banking system, which to date has seen the collapse of SVB Financial, Signature Bank and Silvergate Bank and a systemically important institution, Credit Suisse, being handed over to UBS.