The bitcoin bulls have been proved mostly right about its prospects as a long-term investment but not yet as a medium of exchange. Photograph: Dan Kitwood/Getty Imagesbulls must be feeling vindicated. They made an accurate call on the cryptocurrency’s potential for gains – witness the staggering rally under way – and were right, at least in part, for the right reasons.
Bitcoin’s comeback is remarkable, as well, for defying the general shape of the current bull market, which is heavily concentrated in the Big Tech stocks. Investors have taken the tech heavyweights seriously throughout, perhaps even more so now that they are seen as the giants most likely to dominate the future of artificial intelligence. Bitcoin gets no boost from AI mania.
Sceptics doubted that bitcoin could ever be taken seriously while its price was swinging so wildly. But its volatility has been dropping sharply, according to Bloomberg, and is at historic lows – nearly five times less volatile than at the dizzy highs of the past decade. It is, though, still less safe as a currency than the dollar or as an investment than gold .They expected that, lifted by its popularity among the young, it would become the new “digital gold”. That’s still a dream.
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