Bitcoin is Busting Out… Is it Risk-On? Inflation? Or Just Crazy Buying?

The digital currency, bitcoin is flying, even though few people use it as money to buy stuff. Instead, they’re socking it away, hoping to become rich as others pile in after them. Sounds sort of like a Ponzi Scheme…

Bitcoin is close to taking out its record peak of near $20,000, having climbed almost 160% this year. The crypto is up more than 30% just this month.

With central banks printing cash with abandon, it could be than investors see Bitcoin, of which the supply is limited, as a hedge against inflation and a “risk-on” asset.

Andrea Leccese of crypto fund Bluesky Capital said:

“It’s still largely retail, but it’s becoming more efficient, mature, and I see more professional participants.”

Whatever. It’s a paper get-rich-quick scheme. The trick is to get out before it falls 85% again.

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