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September 21, 2020
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Bloomberg: Bitcoin craze is back

According to Bloomberg, Bitcoin Mania appears to be back.

It is what can be read in a article published yesterday on the official website of Bloomberg, which opens with the following words:

“Bitcoin mania seems to be almost back in full bloom.”

The article highlights how, at this point in history, the price of bitcoin is again rising, along with other risky assets such as stocks and gold, now at an all-time high.

According to Bloomberg, after briefly exceeding $ 12,000 last weekend for the first time in a year, and after the drop that brought it back to nearly $ 10,000, the price of bitcoin is rapidly approaching from the $ 12,000 level again.

According to Matt Maley, market strategist at Miller Tabak & Co, if the price drops now and then rises and breaks through the $ 12,000 resistance, the scenario could become decidedly optimistic.

Bloomberg also highlighted Dave Portnoy, founder of Barstool Sports, who posted a tweet saying he is ready to learn about bitcoin, inviting the Winklevoss twins to explain it.

The article in question is not very comprehensive, in fact there is no data or reasoning to support the hypothesis that the Bitcoin craze is returning.

But it is certainly no accident that they decided to publish it, as it is explicitly and specifically dedicated to this hypothesis.

It’s the Bitcoin craze again

In addition, already last year, when Facebook’s Libra project was announced in June, for a few months, it seemed that the Bitcoin craze was back, only to dissolve when it was discovered that the Libra project was far from being concrete. .

However, this year the upward movements in the bitcoin price do not appear to be due to external and extemporaneous circumstances. Instead, they seem to be related to deeper, more structural reasons, namely the fundamentals of bitcoin’s monetary policy and, in particular, the halving that occurred on May 11.

In addition, the remarkable resilience shown in March, during and especially after the collapse of financial markets, shed new light on bitcoin’s ability to absorb shocks and resist collapses, so much so that skepticism about its long-term resilience may be diminishing. .

In this sense, it is not absurd to imagine a change of perspective on the part of Bloomberg itself.

Source: cryptonomist

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