We Meet Again, Bitcoin
Bitcoin, the sequel. Brace yourselves for another round of upticks, downticks, and antics as another crypto mania gathers momentum.
Bitcoin’s knack for volatility is old news, but how many assets are there that can rally a thousand dollars, and plummet a thousand dollars, all in a single day? Because that day came yesterday, the most noteworthy Bitcoin display since late 2017. Back then, its value grew to the dizzy heights of 20,000 dollars before a sharp, sharp decline. The crash left some investors riding off into the sunset with spectacular returns, but many others with financial PTSD. Now, the digital currency might be rekindling old form, catching a second wind this week to shoot up from $3000 to over $12000. Check the price right now. In true Bitcoin fashion, we bet it’s changed.
While non-believers continue to mock crypto, blockchain believers remain fiercely devoted to the cause. Tipping a widespread adoption across the financial world, they wait to be understood and hope to be proved right. As the debate heats up again now, market on-lookers are attributing the latest Bitcoin climb to both a weakening dollar and institutional go-ahead’s. Those are at least genuine drivers, the likes of which were harder to pinpoint two years ago.
With the G-20 commencing in Osaka, investors are also reminded of the uncertainty in the world. Marcus Swanepoel, CEO at crypto firm Luno, believes Bitcoin and Ethereum are “uncorrelated assets” to these kinds of world troubles that often plague stocks, providing a “quasi safe-haven option” to investors. One thing’s for sure, the hottest places to be right now are Silicon Valley and Wall Street, both two sides of the same bitcoin. Fasten your harnesses people, because we’re potentially in for a second ride on this rollercoaster.