It seemed like yesterday when the price of bitcoin dropped more than 80 percent from its all-time high of $20,000. The moment half the renowned economists and investors rubbished the cryptocurrency as yet another “Tulip Bubble,” “mother of all scams,” and “rat poison squared,” it took the rug under the skeptics’ feet. Seven months after its 2018 bottom, bitcoin is now healthy and wealthy, with its spot rate up by 220 percent.
Critics do not want to believe the 2019’s most profitable asset is here to stay. Noted economist Nouriel Roubini still believes that bitcoin will fall to zero. Legendary investor Warren Buffett also thinks that the cryptocurrency has no value. Gold bug Peter Schiff is debating the industry’s bigwigs about bitcoin’s lack of use case.
Why so Bullish, Bitcoin?
The question remains: if bitcoin is a total sham, then who in his/her right mind has injected approx $152 billion into its market? From where is the money coming? And most importantly, what is making investors join the so-called…