by James Rickards
Daily Reckoning
After Bitcoin crashed from $20,000 to $3,400 in 2018, many observers decided the craze was over, and Bitcoin would slowly decline in price and fade into obscurity. But reports of the death of Bitcoin were premature.
In 2021, a new mania took hold, and the price surged to $60,000 before backing off a bit. Today it’s trading at about $56,871 (Bitcoin is so volatile, it could change by the time you read this).
But the price of bitcoin has not simply gone up. Now, millions of first-time users, mostly millennials and Generation Z, have joined the bandwagon.
Very few observers really understand the technology behind Bitcoin (including millions of the new buyers), but this seems irrelevant to most. They are true believers, akin to a cult or tribe.