Boom, bust, Bitcoin
As Bitcoin hits yet another record high, optimistic investors are hoping it can avoid the crash seen in previous cycles.
If you spent any time today perusing financial news, you may have seen a phrase, or variation of it, that could become familiar in the weeks ahead: Bitcoin just hit a new record high.
Likely spurred by president-elect Donald Trump’s comments late last week that the US will create a Bitcoin reserve similar to its holdings of oil, the cryptocurrency’s price was pushed beyond USD106,000 ($166,000) early this morning as Asian markets woke up.
Coming just over a week after Bitcoin hit six figures for the first time, it’s the latest indication that the crypto sector is well and truly back as a feature of financial markets. And its true believers are convinced that the unfolding rally has even more legs than those that preceded it.
As MHC Digital head of markets Ed Carroll puts it: "The introduction of institutional capital means the upside potential of Bitcoin is significantly higher than it used to be."
