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November 16, 2020 06:11 pm

Bitcoin Is Gunning for a Record and No One Is Talking About It

Three years ago, Bitcoin's historic surge dominated Thanksgiving dinner conversations. This year, the cryptocurrency is in the midst of another notable rally and yet almost no one's talking about it. From a report: How fevered has Bitcoin's latest leg higher been? With the coin trading around $16,300, it's been more expensive in only eight other instances in the past decade, Bloomberg data show. Almost all of those came during the 1,375% surge in 2017 that saw it reach close to $20,000 before a spectacular plunge wiped out 70% over the next year. The world's largest cryptocurrency by market value has been through a boom and bust and a second boom since its frenzied heydays in 2017. A lot has changed in the years since, and crypto enthusiasts argue digital coins have gone through a maturing process. But the mania that surrounded digital currencies back then is largely absent, despite Bitcoin being about 15% shy of its vaunted record highs. "The fascination with it has worn off. You have the hardcore 'I'm a cryptocurrency investor' group but it hasn't really expanded because it's been so volatile, there have been so many questions around security and what regulations might do," said Kathy Jones, chief fixed income strategist for Schwab Center for Financial Research. "The number of questions I get on it now is a fraction of what I got a couple of years ago when it was really hot."

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