Why is one bitcoin, after all the disasters in the crypto industry, trading at about $27,000?
Highlights
- One bitcoin traded for about $27,000 as of mid-March.
- The crypto industry’s collapse is ongoing and has been playing out for almost exactly a year.
- While the crypto industry expanded into finance, art, video games and slurp juice, bitcoin stayed bitcoin.
- It remains volatile, dipping below $16,000 in November, but a recent rally coincided with concerns about the global banking system and expectations of an end to interest rate hikes.
- Some bitcoin maximalists, sometimes called maxis, have defended bitcoin so vociferously that they are sometimes likened to a cult.
- Others remain skeptical of bitcoin for many reasons, including whether miners will remain incentivized to pour energy into the system.
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