It's tempting to dismiss the surge in the price of Bitcoin and Ethereum as a speculative blow-off powered by hot money chasing momentum. But the rally in digital currencies reflects an unease about the unholy trinity of debt, deficits, and debased currencies forged by policymakers desperate to revive growth.

The rally in Bitcoin beyond $US30,000 is a digital indictment of the easy money policies embraced by the world's central banks, as increasingly aggressive balance sheet expansions obliterate the concept of a price for risk and fuel an ever growing "everything bubble".

In an era where monetary policymakers are trying to out-dove each other, where once unconventional policies - like quantitative easing and yield curve control - have become standard operating procedure, it's easy to understand why more capital is seeking an exit from, or a hedge against, a system where central banks have gone wild.

Robert Guy has more on bitcoin's rise here.