A dramatic sell-off in bitcoin and other cryptocurrencies has outpaced a marked retreat in the US stock market, as the Federal Reserve’s pivot from emergency support spooks investors who piled into highflying but risky assets during the pandemic.
Backers of bitcoin in particular argue its value lies in its limited supply – the network behind it will only mint 21 million of the tokens – suggesting it should serve as safe place to park money during times of high inflation. But prices are rising across the economy at their fastest clip in 40 years, putting the thesis under strain. To combat this, the FedThe stock market sell-off has been pronounced and attracted the most attention in recent days. The Dow Jones industrial average fell 3.
He said he still believes bitcoin will prove itself as a sort of next-generation gold, but it will take time for investors to gain confidence in its safety.
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Damn I just spent $35 million on Bitcoin in September.
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