3 years ago
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Cryptocurrency: Bitcoin hits three-year high as investors jump in
Bitcoin, the world's best-known cryptocurrency, has jumped above $17,000 (£12,800) to hit a three-year high. The digital currency has suffered plenty of wild price swings since it was launched in 2009. But investors have been flocking to cryptocurrencies during the pandemic-driven volatility on global stock markets.
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This is really not a good thing. It's an expectation of bad times ahead.
Totally agree. It is totally worthless and a complete trap.
Money, itself is a construct we make. It is worthless by itself. As Alan Watt said, "you can't eat it". It is only worth the trust we put in it. Cryptocurrency is just a different form of money. It doesn't rely on trust in government or banks, but trust in mathematics. Some people trust it. As long as enough people trust it and the technology is still there to access it, it should keep some value. Just like as long as enough people trust in the US dollar it should keep some value.
Buying cash, or gold or cryptocurrency is what people do when they don't trust putting their money anywhere else. Currency doesn't grow like shares, or contribute to the economy, it just may not tank as fast as other assets.