Bitcoin: Baffling or brilliant?

Governments are struggling to understand bitcoin. Understanding history might help them better appreciate the Copernican revolution in money.

The establishment never deals easily with changes to its status quo. A cocktail of delay, denial and confusion is the usual heady mix which afflicts the governing classes as the bureaucracy wrestles with what art critic Robert Hughes deliciously described as “the shock of the new.”

With any form of innovation, the state sector tends to wrap itself in a fetal position and hope the problem goes away. Sometimes the problem is resolved by an outbreak of management decision making, or, the powers that be simply find a way to regulate the problem into their out tray.