Ken Costa

Ken Costa is a veteran investment banker and author of The 100 Trillion Dollar Wealth Transfer: How the handover from boomers to Gen Z will revolutionise Capitalism

Sunday

Ken Costa

Britain needs to embrace crypto with its own Genius Act

From our UK edition

In proposing to sell the government’s £5 billion hoard of Bitcoin – accumulated from confiscating the proceeds of crime – Rachel Reeves has earned some keen supporters. But the Chancellor should resist the temptation. It wouldn’t be an error quite on the scale of Gordon Brown’s sale of half of Britain’s gold reserves in 1999 – that occurred right at the bottom of a bear market in gold, while Bitcoin in recent weeks has been trading at record highs. Nevertheless, Reeves would be missing out on the opportunity to build a Strategic Crypto Reserve which could turn out to be many times more valuable in the future.

Saturday

Ken Costa

Should we break up the banks?

From our UK edition

No The proposal on the American table is simple: break up the so-called super banks. To have the deposit-taking banks in one place, and the risk-takers (or proprietary traders) in another. The aim is laudable: that Main Street should not have to pay for Wall Street. This is, after all, the system which existed under Glass-Steagall, the Depression-era legislation. But that broke down, because finance became much more international, ingenious, complex and important. That global genie cannot be squeezed back into the national bottle — and if Obama tries, some genies may well bring their tax dollars here. The banking disease was not obesity but behaviour.