As more people use it as an investment, current political events reveal crypto’s truer purpose.
With a spectacular jump at the end of August, Bitcoin has climbed above $80,000 in one of its strongest rallies in years.
A key driver, according to Susannah Streeter, chief investment strategist at Wealth Club, has been the so-called debasement trade: the bet that governments around the world –primarily in the US – will water down their currencies. As investors position for a weaker dollar amid worries about US debt and government borrowing, Bitcoin has become the digital alternative to gold.
Another point driving crypto adoption has been the great effort that has been spent to establish it as an asset class. Bitcoin exchange-traded…
