The Year Ahead
It Looks Like Wall Street Is Running Bitcoin, at Least for Now
Professional investors getting into crypto are in for a wild ride, and so is anyone who follows them.
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A lot of investments have gone berserk lately, but none stand out quite like Bitcoin. Its price quadrupled in a matter of months to touch a record high of more than $41,900 in early January, propelling the cryptocurrency back into the limelight less than three years after a spectacular 75% crash. (It traded at around $36,400 on Jan. 19.)
Nothing about Bitcoin’s fundamentals has changed. A Bitcoin is just a piece of digital code that produces no earnings, pays no dividend or interest, and is backed by nothing but the belief of other people that it might be worth something.