, Columnist
What’s Fueling Bitcoin's Ride? It’s More FOMO Than Inflation
For that reason, regulators need to be on their guard.
Up and down.
Photographer: Ozan Kose/AFP
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A “validating moment” for Bitcoin — that’s how some have described its fresh all-time high, fueled by the successful launch of an inaugural U.S. exchange-traded fund (ETF) for the cryptocurrency. The fund has racked up assets of over $1 billion in two days and raised hopes of more launches down the line. It has also boosted preexisting Bitcoiner narratives such as it being a hedge against inflation, despite history suggesting otherwise.
But validation isn’t the same thing as normalization.