Gillian Tett: "Crypto Is Here To Stay"

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Gillian Tett is a world-renowned author and financial commentator. She has written books like The Silo Effect and Fool’s Gold. Her latest (and yet to be released) Anthro-Vision is on my to-read during summer list.

However, she is mostly known for being the US managing editor of the Financial Times, the flagship British business newspaper that rivals the American Wall Street Journal.

The newspaper that she co-leads has been a mainstay of European boardrooms for decades and has a very loyal readership.

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It is therefore quite striking that during an oped this week, Tett admitted that crypto is here to stay.

Elon Musk attack

The Financial Times is mostly known for it’s attacks on crypto as it is the flagship publication that is supposed to protect classic finance and with her editorial entitled: Musk wakes up to bitcoin’s fossil fuel issues, Tett did just that. It was the classic hit piece on crypto and Bitcoin in sorts, which rehashed the known criticism of fossil fuel usage, connections to crime and the fact that crypto is also very volatile.

However, and this is where Tett seems to have changed her mind, there were also some very remarkable phrases in there.

Allow me to highlight two of these and remind you that they come from someone who’s been reporting on global finance for the past two decades of her life:

And why the veteran investor Stanley Druckenmiller said this week that it is unclear which cryptocurrency will eventually dominate (assuming you think, as Druckenmiller does and I do, that crypto is here to stay).

Secondly, the financial reporter riled on about crypto’s anti-establishment origins while also admitting that:

Crypto is going to become more mainstream.

It isn’t a green field just yet, but I’ll take the green shoots right there Ms Tett. Thank you for admitting the obvious.