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Author: Admin | 2025-04-27
Photo: Jon Cherry/Getty Images On Monday morning, the research firm Bernstein came out with some advice about crypto for its Wall Street clients: “Buy everything you can.” Ever since the invention of bitcoin 15 years ago, this would be the kind of bloodshot, crazy-eyed call you could ignore because it was coming from a fanatic. But Bernstein is not some crypto-pilled boiler-room operation. Rather, it is part of the staid French investment bank Societe Generale and traces its history back to the 1960s, when the U.S. was still on the gold standard. The paper immediately ricocheted around the finance industry. When I started writing this column, bitcoin was testing new highs above $82,000; by the time I finished, it had eclipsed $88,000. When you look at the sheer volume of trading, it was probably crypto’s biggest day ever. Welcome to crypto’s Donald Trump era. It has hardly been a week since Trump won election, but it looks increasingly likely that the next four years in cryptoland are going to make the time when Sam Bankman-Fried was the industry’s fuzzy-headed mascot appear tame by comparison. What happened? It is not that there was some mass conversion event among Wall Street’s most cynical moneymen to the utopian promises of the digital future. There has been no new invention, no new use discovered that would make bitcoin or any other digital currency more likely to be a part of your everyday life. The calculus here is that all the insanity of the pandemic-era
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