The cryptocurrency’s value has doubled this year and shows no signs of an early demise.
Bitcoin should be in the bin by now. Why on earth isn’t it?
A great cleansing fire has swept through markets, removing all the crap that didn’t make sense from the stupid years. Tesla: down. Private equity: down. Dogecoin, down. NFTs: finished. Bored Apes: extinct. Tokens of all kinds: in the bin.
This is exactly as theory predicts. Assets with a high proportion of hope or fraud were winners in the period of ultra-low rates. Risk tolerance is inversely proportional to the level of interest rates. So is patience. In those heady days, people didn’t need a business model that would pay off in nine months to invest. Instead, they wanted to get in on the ground floor of the next mega-trend, even if it made no sense.
Read more about how bitcoin remains fighting fit and rolling in it…
Become a subscriber to get full access to the website, as well as our premium newsletters.
Already a subscriber? Log in to keep reading.