Bitcoin Stages Comeback Reminds of 2017 Bubble Frenzy

Cryptocurrency mining As Bitcoin slips in the middle of a stocks path

Photographer: Akos Stiller / Bloomberg

He has been left dead more than once, erased as just a bubble and deny like rat poison from one of the world’s most famous investors. And yet, Bitcoin is once again staging a comeback reminiscent of the ticket’s glory days, with evangelists pegging their hopes on a technical event as the new catalyst.

True believers say the earnings are driven by the impending halving of Bitcoin, when the rewards that miners receive for processing transactions are cut in half as early as May 12. The internet is glutted with countdown clocks second by second and the mania even triggers a rise in hiring from crypto companies worldwide. Bitcoin has soared to more than $ 9,000 in anticipation of around $ 6,000 exactly a month ago.

“Narratives in the world of blockchain act like in Star Wars – they move and shape the market mysteriously, ”said George McDonaugh, co-founder of crypto and blockchain investment firm KR1. “You couldn’t be blamed for getting a little excited about what’s to come.”

The world's largest cryptocurrency supply will be identified in 2020

Bitcoin halves, which slows down the rate at which new tokens are created, occur once every four years. It is expected that its third such event will take place next week. Skeptics argue that crypto prices are highly volatile and often difficult to find explanations for, indicating that any appreciation should be priced ahead of time. But crypto fans cite historical precedent.

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