Cryptocurrencies
Bitcoin’s $1 Trillion Identity Crisis Hits From Every Direction
An attendee on the exhibition floor during the Plan B Forum Bitcoin conference in San Salvador.
Photographer: Camilo Freedman/BloombergIt wouldn’t have seemed possible a year ago. But Bitcoin has gotten caught in one of its deepest struggles yet, with no obvious way out.
The world’s largest cryptocurrency has plunged more than 40% from its peak, and the usual playbook isn’t working — dip buyers have vanished, and the forces that would normally fuel a rebound are now working against it. Gold is winning the macro-hedge argument. Stablecoins are winning payments. Prediction markets are winning speculation.