'We are so back'
Longtime Bitcoin enthusiasts are partying like it's 2021 after the cryptocurrency hit a new peak in Australian dollar terms.
Did you drop 100 bucks on a slice of Bitcoin during the heady days of 2021? Congratulations, if so. You’re probably up enough to buy a cup of coffee.
Bitcoin approached USD64,000 overnight, putting it a few percentage points short of its record high. In AUD terms it set a new peak. At around the same time, a Bitcoin NFT (which are a thing now) sold for tens of millions, and Coinbase crashed from overwhelming demand.
The eternally optimistic chant of crypto boosters today seems appropriate: “We are so back.”
Yet crypto is not the only asset surging right now. When the Fed started raising interest rates in April of 2022, Wall Street dumped Meta, Netflix, Amazon and Uber. Investors have since kissed and made up with those companies. Like Bitcoin, all of them are now roaring near or past their previous PBs.
