Skip to content
Subscriber Only
Opinion
Lionel Laurent

Bitcoin’s Bulls Are Revving Up the Lamborghinis

In a market without fundamentals, the only way to drive up the price is controlling the conversation. And the crypto crowd is talking big again.

Bitcoin's boosters are talking big again. (Just don't mention the hacks).

Bitcoin's boosters are talking big again. (Just don't mention the hacks).

Photographer: Victor J. Blue/Bloomberg

Bitcoin’s cheerleaders are making the most of this year’s Blockchain Week, the annual New York junket where past promotional stunts have included renting Lamborghinis to park outside events (to create an impression of the untold wealth inside). After a deeply chastening 2018 for cryptocurrencies, you might have expected a little more circumspection from the digital money crowd. Think again.

Over the past month, the price of a Bitcoin has jumped by 40% from about $5,000 to more than $7,000 (it hit a low of just below $3,500 earlier this year), and crypto celebrities have been quick once more to play on the public’s Fear Of Missing Out. Cameron Winklevoss, one half of the famous Facebook twins, tweeted: “‘I wish I bought more.’ — Said Everyone.” Vinny Lingham, known as the “Oracle” for his knack of timing crypto trades well, said he would become a “raging bull” if Bitcoin’s price held above $6,200.