Lex letter from New York: a bitcoin ETF is a terrible idea

Meanwhile, my 13-year-old stock-trading nephew has been bombarding me with messages about dogecoin, the crypto token that was created as a joke but which now boasts a $35bn overall market value. This means that for all its volatility and lack of fundamental underpinnings, cryptocurrencies have become a sizeable industry that is too big to ignore. […]