Last week, a little-known prospective telecoms investor became the latest company to cash in on the craze for all things blockchain, the technology behind Bitcoin.
Stapleton Capital, which only listed last year and is yet to make a single investment, changed its name to Blockchain Worldwide. Shares predictably jumped as much as 130pc. Blockchain Worldwide is only the latest in a long list of companies - including ice tea and sports bra makers - to successfully pull off this trick.
Why does it keep happening?
Here’s one theory: keeping up with new technology trends is tricky, especially one as apparently nonsensical as Bitcoin. Its price swings wildly, and it has no obvious use, but is apparently worth thousands of pounds. It does not appear to obey the traditional laws of markets whatsoever.
This is a problem when you work in high finance or regulation. You’re supposed to understand, explain...