Bitcoin Millionaires Aren’t What They Used to Be
After a 50% slump, the cryptocurrency’s speculative investment story won’t be so contagious.
Is Bitcoin having its dot-com moment?
Photographer: Ina Fassbender/AFP via Getty Images
“Psst, I’m buying Bitcoin” sounded like a hot tip during lockdown, but not anymore. In the (almost) six months it’s taken for the cryptocurrency to soar past $30,000 to $63,000 and back again — it’s now hovering around $33,000 — a lot has changed in the real and virtual world. And, despite the insistence of the laser-eyed crowd who claim they’re holding on no matter what, not all of it is good for cryptocurrency.
The speculative fever gripping hedge-fund managers, bored day traders and billionaires has cooled. Stanley Druckenmiller, for one, has cashed out part of his bet. Aggressive 100-times leveraged trading has fueled panic selling.