Bitcoin’s strange surge shows what central banks are fighting against

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OPINION: Bitcoin’s 80 per cent climb this year has put the growth plans of Aussie-born miner Iris Energy back on track. But it’s another sign of FOMO central bankers could do without.

is yet another sign that central banks fear they are losing the fight against stubborn inflation.was just one example of the growing sense of FOMO that has infected global financial markets, loosening financial conditions at a time when central banks need the opposite.

. So perhaps he’s taking extra encouragement from the remarkable surge in bitcoin, which has risen 80 per cent this year and this week burst back through $US30,000 after jumping 13 per cent in five days. Iris stock is up 37 per cent this week after it announced plans to boost its mining capacity by more than 60 per cent with the expansion of its data centre at Childress in Texas.

 

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