Rise of cryptocurrencies can be traced to Nixon abandoning gold in 1971 | Larry Elliott

The decision has led to volatile financial markets, geopolitical tension and inflated asset prices

Few dates in economic history classify as turning points but one of them was 15 August 1971 when Richard Nixon went on TV to announce that the US would no longer exchange dollars held by foreign governments for gold.

Nixon's announcement 50 years ago this week had lasting ramifications. It was a statement to the world that the US was too weak to continue anchoring the global monetary system as it had done for the past quarter of a century. It would remain the world's biggest and most important economy, but the days when it was uniquely dominant were at an end.