Why crypto mania is reaching new heights
Are bitcoin bros right to be so thrilled by Donald Trump’s victory?
Donald Trump’s victory tastes of revenge—not just for the man but also for crypto bros and their assets of choice. On election night, as it became clear Mr Trump had won America’s presidential election, the price of bitcoin, the most widely traded cryptocurrency, jumped by 10%. On November 13th, just before Republicans secured control of Congress, it shot above $93,000. Since mid-October it has surged by nearly 50% (see chart).
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This article appeared in the Finance & economics section of the print edition under the headline “Bitcoin flip”
From the November 16th 2024 edition
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Should investors just give up on stocks outside America?
No, but it is getting a lot harder to keep the faith