During the past year of COVID-induced market mania, cryptocurrencies have gone up so much — bitcoin is up about fivefold, while many other crypto projects are up far, far more — that even reluctant Wall Street institutions have begun to tiptoe into the arena.
A blazing rally that began this month has helped bitcoin shoot up nearly 50 percent in two weeks. It was driven by various pieces of news — for instance, George Soros’s family office disclosed that it holds some — but the biggest force was the increasingly certain expectation that the federal government will approve the first bitcoin-based exchange-traded fund, which will allow retail investors to buy in more easily, including for 401(k) accounts. (The ETF could begin trading as early as Monday.)
But doubters remain — and their ranks just happen to include many of the same prominent investors who saw the financial crisis of 2008 coming.
Hedge-fund mogul John Paulson, who was behind the “the grea...
Full Access
Included:
-
Access to All Articles.
-
One Plan. No Tiers.
-
No Ads.
-
Cancel anytime.
