Bloomberg New Economy: Crypto Owes Its Rise to Irrational Gloom
Illuminated mining rigs operate inside racks at the CryptoUniverse cryptocurrency mining farm in Nadvoitsy, Russia. The rise of Bitcoin and other cryptocurrencies has prompted the greatest push yet among central banks to develop their own digital currencies.
Photographer: Bloomberg
It’s tempting to compare today’s crypto craze with the dot-com bubbles of the late 1990s.
Then, as now, an investment phenomenon crossed from the world of finance into popular culture. In his newsletter Financial Insyghts, Peter Atwater noted there were stories about the latest market frenzy in just about every section of the New York Times last week—Style, Art, Science, Sports and Metro. (He also picked out a question on the cover of New York magazine that illustrates how digital finance is reshaping language itself: “Can I SPAC My Stonks With NFTs?”)