Bitcoin’s London Club Debut: Tradition Meets Disruption
How does the English elite view cryptocurrency? Insights from an Event in the «Smoking Room» of the Renowned Members’ Club «The Athenaeum». finews.asia was there.
The setting promises a certain level of excitement: At London’s «The Athenaeum», one of the city’s most prestigious private clubs, a discussion on Bitcoin—the disruptive thorn in the side of conventional monetary theory—was on the agenda.
«The Athenaeans» have been gathering since 1824 in their imposing clubhouse at the prestigious address of 107 Pall Mall in St. James’s, near Buckingham Palace. The private club boasts over 2,000 members and has been open to women since 2002.
A Members’ Club for Over 200 Years
To gain membership, one must secure ten sponsors from within the club’s ranks. A prerequisite is a certain level of intellectual distinction. The club sees itself as a meeting place for the avant-garde in science and the arts. Over its long history, the «Athenaeans» have counted 51 Nobel laureates among their members, particularly in the natural sciences, including literature laureates T.S. Eliot and Winston Churchill, medical pioneers James Rothman and Tim Hunt, as well as economist John Hicks.
The task of introducing Bitcoin to this distinguished audience fell to Swiss fintech entrepreneur and former UBS high-ranking executive Adriano Lucatelli last Thursday. The evening event was hosted by the «Young Athenaeans», the club’s younger members’ section. In this context, «younger» means roughly under 50. However, the event was also open to older members, many of whom took advantage of the opportunity.
A Fireside Chat Atmosphere
The «Smoking Room» on the upper floor of the clubhouse – where, due to legislation enacted by the Tony Blair government in 2007, smoking is no longer permitted – feels like an oversized living room. Sofas and armchairs are arranged in small clusters around low tables, each seating between two and eight guests. Around fifty participants settle into this cozy fireside chat setting.
Seventeen years after its invention, Bitcoin made its debut on this stage.
Lucatelli: Significant Currency Depreciation
Lucatelli, once a skeptic of cryptocurrency, has undergone a remarkable shift in perspective in recent years, as he explained in an interview with finews.asia in 2020. Just days ago, he even introduced Bitcoin as an allocation option in the wealth management portfolios of his company, Descartes Finance. In his opening statement, he highlighted both the opportunities and risks associated with Bitcoin.
His analysis begins with a striking observation: The purchasing power of one million British pounds at the end of the Bretton Woods system in 1975 is equivalent to today’s 10.7 million pounds. For the US dollar, the factor is 5.9, while for the Swiss franc—one of the world’s most stable currencies – it still stands at 2.2.
«This means that in Switzerland, prices have 'only' doubled over the last 50 years,» he said.
Problematic Aspects
Given this inflationary trajectory, the demand for alternatives to fiat currencies seems obvious. Even more so for those without access to banking services, who face not just creeping but rampant inflation. Lucatelli estimates their number at over one billion, citing Venezuela, Argentina, and parts of Africa as examples.
However, Lucatelli’s argument remains balanced. He also points out Bitcoin’s problematic aspects: its volatility, its inherent appeal to organized crime, its energy consumption, and the potential for governments to criminalize or even eradicate it.
Historical References and Bon Mots
The format of the event allows for an introduction by the speaker, followed by discussions within individual seating groups before reconvening for a plenary Q&A session. At the table where finews.asia was seated, participants included a patent attorney from Oxford, a distinguished former banker, a slightly eccentric-looking English professor of astrophysics, an Italian economist who has written a book on digital currencies, and an AI advisor to French President Emmanuel Macron.
With the help of some red and white wine, the conversation meanders from Bitcoin to black holes, geopolitical questions (Donald Trump and Elon Musk’s ears must have been burning), quantum computing, Switzerland’s Vollgeld initiative… The insights are often fascinating and well-informed, frequently polished with historical references and witty remarks («It’s like the gold rush: Those who get rich aren’t the ones digging for gold, but those selling them the shovels»).
Thought-Provoking Questions
When the discussion extends to the entire «Smoking Room», Lucatelli faces a barrage of questions. Most reflect genuine curiosity: What happens to Bitcoin if future quantum computers vastly outperform current encryption technology? Why does severe currency depreciation in the UK remain relatively unnoticed? Could the electricity required for Bitcoin mining ultimately serve as a type of natural backing for the currency?
While no definitive answers emerge at «The Athenaeum», the discussion generates many thought-provoking ideas.
Unfamiliar Controversies
Toward the end, an older participant with impeccable Upper-Class «British English» persistently questions the fact that Bitcoin’s supply is capped at 21 million units. A guest from the Bank of England attempts an explanation—initially too technical, but in a second attempt, somewhat more convincing: The software code includes an immutable self-destruct mechanism for Bitcoin’s creation.
Most comments on Bitcoin lean toward skepticism or outright criticism. Yet, what stands out is the curiosity and openness with which the crème de la crème of the English establishment engages with the topic. More than once, attendees remark that it was one of the most stimulating and controversial events in recent club history.
And what does the man who introduced the Bitcoin discussion to the historic halls of «The Athenaeum» say? Lucatelli thinks for a moment and responds: «I am always impressed by how perspectives from individuals of such diverse backgrounds and ‹walks of life› come together here.»
The Clash Between Stability and Change
Upon leaving the clubhouse, we notice a stone platform along the curb. An inscription reveals that it was built to allow the first Duke of Wellington (1769-1852), the victor over Napoleon at the Battle of Waterloo in 1815, to dismount his horse more comfortably when arriving at his club.
The Duke and his horse are long gone, but the stone pedestal remains—a silent reminder that the tension between stability and change, between tradition and disruption, never truly ends. A fitting thought for the Bitcoin debate, especially after a few glasses of wine.
