Establishments survive by assimilating useful upstarts and excluding dangerous ones. This is the theme of Victorian novels where self-made entrepreneurs became MPs and American heiresses married dukes. It is also a trend in financial services.
The value of unregulated cryptocurrencies has soared to an estimated $2.8tn. Regulated banks, fund managers and consultants are establishing or expanding fledgling digital asset operations.
The City of London and Wall Street are wrestling with the…
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