Bitcoin steadied after its biggest drop since June as investors and speculators reappraised the outlook for initial coin offerings. Chris Ratcliffe / Bloomberg
Bitcoin steadied after its biggest drop since June as investors and speculators reappraised the outlook for initial coin offerings. Chris Ratcliffe / Bloomberg

Bitcoin, blockchain and boom-and-bust economies



Almost 400 years ago, the Netherlands was gripped by an odd form of investment fever. At the peak of the frenzy, which involved the trade of tulips, a city centre house in Amsterdam was sold for 10 flower bulbs, which were worth a small fortune by then. The bubble burst in 1637 and no one really knows why buyers stopped going to market so suddenly, but the pattern at work in 17th century Holland has been repeated in financial markets repeatedly since then - think of the dotcom bubble and the subprime crisis in this century alone.

This week, Jamie Dimon, the chief executive of JPMorgan Chase, has described the cryptocurrency Bitcoin as "worse than tulip bulbs". Bitcoin has offered spectacular returns to investors, with its value rising from less than US$400 in 2015 to around $5,000 at the start of this month. As The National reported, Mr Dimon said: "The currency isn't going to work. You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart."

Mr Dimon's comments expose once again the divide that exists between those who believe that cryptocurrencies (and the blockchain technology that underpins them) represent the future and those who don't.

Advocates of Bitcoin transactions say they democratise the financial system, taking power away from the gatekeepers and putting it in the hands of many.

Much of the suspicion that surrounds Bitcoin is fed by the fear that the rise of a decentralised currency could upend a financial system that is controlled by the very few. As if to demonstrate the present-day power of the traditional marketmakers, Mr Dimon's comments sent Bitcoin values tumbling to below $4,000.

This country has an interest in the debate. This week, the Central Bank concluded a review of cryptocurrencies that may bring new regulations. Bitcoin is legal in this country and has seen noticeable recent uptake in the property market. Dubai, meanwhile, aims to be the first blockchain powered government. It says that it stands to unlock billions of dirhams of savings by using the technology. It is hardly an outlier in this respect. The Nasdaq Stock Market uses blockchain to facilitate stock trades of private companies. The London Stock Exchange and the Deutsche Boerse are evaluating its use.

Cryptocurrencies are disruptive and complex by nature and design. They are hard to properly explain, just as you would have been hard pressed to understand tulip mania in the 17th century. Those who seek to find answers about Bitcoin may look to another historical example, this one from the tech industry. Apple shares started trading at $22 in 1980. Today, the company is worth countless times more.

But, over a 30-year history, its share price has, on occasion, ebbed dramatically, descending to $14 in 2002. Bitcoin will need to be judged over the longer term for us to fully comprehend if it is the currency of the future or, as Mr Dimon believes, it is enjoying a brief moment in bloom, like a 17th century tulip.

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
COMPANY%20PROFILE
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The biog

From: Upper Egypt

Age: 78

Family: a daughter in Egypt; a son in Dubai and his wife, Nabila

Favourite Abu Dhabi activity: walking near to Emirates Palace

Favourite building in Abu Dhabi: Emirates Palace

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
About Housecall

Date started: July 2020

Founders: Omar and Humaid Alzaabi

Based: Abu Dhabi

Sector: HealthTech

# of staff: 10

Funding to date: Self-funded

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

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MATCH SCHEDULE

Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)

Liverpool v Roma

Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)

Europa League semi-final, first leg
Thursday, April 26

Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)

FIXTURES

All times UAE ( 4 GMT)

Friday
Saint-Etienne v Montpellier (10.45pm)

Saturday
Monaco v Caen (7pm)
Amiens v Bordeaux (10pm)
Angers v Toulouse (10pm)
Metz v Dijon (10pm)
Nantes v Guingamp (10pm)
Rennes v Lille (10pm)

Sunday
Nice v Strasbourg (5pm)
Troyes v Lyon (7pm)
Marseille v Paris Saint-Germain (11pm)

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

What is the definition of an SME?

SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.

A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors. 

About Okadoc

Date started: Okadoc, 2018

Founder/CEO: Fodhil Benturquia

Based: Dubai, UAE

Sector: Healthcare

Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth

Funding stage: Series B fundraising round to conclude in February

Investors: Undisclosed

Formula One top 10 drivers' standings after Japan

1. Lewis Hamilton, Mercedes 306
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 234
4. Daniel Ricciardo, Red Bull 192
5. Kimi Raikkonen, Ferrari 148
6. Max Verstappen, Red Bull 111
7. Sergio Perez, Force India 82
8. Esteban Ocon, Force India 65
9. Carlos Sainz Jr, Toro Rosso 48
10. Nico Hulkenberg, Renault 34

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