There is an ongoing debate as to what Bitcoin or any of the other crypto-currencies might be worth or
what they can be used for. Turns out the owner of the Colonial Pipeline found a use after the pipeline
was the target of a cyber attack that forced its closure. To get the pipeline working again the owner
paid the hackers a ransom in Bitcoin. Another short-lived purpose was the ability to buy a Tesla with
Bitcoin. Elon Musk reversed that decision this week citing the substantial impact on the environment
caused by the energy needed by computers to verify Bitcoin transactions.

There are many supporters of the crypto-currencies and many detractors including Andrew Bailey, the Governor of the Bank of
England. Earlier this month he was quoted as saying this about Bitcoin and the other crypto-currencies:
“They have no intrinsic value. That doesn’t mean to say people don’t put value on them, because they
can have extrinsic value. But they have no intrinsic value”. “I’m going to say this very bluntly again. Buy
them only if you’re prepared to lose all your money”.

Have a great long weekend and please stay safe,
- Brad