John McAfee is using some sort of black magic to try to justify not eating his own dick.
Seriously wtf is wrong with people? How have all the rubes willing to buy at that price not lost all of their money already? Also interesting that this coincides with Tesla’s boom, which is also famously volatile.
It’s part of TINA—There is No Alternative but for asset classes. If you want to hedge against the stock market (which is seeing potentially unlimited gains after the Fed said they’ll print money to keep the Line Go Up forever and its total decoupling from any semblance of economic reality, ie Telsa being worth more than every other car company on the planet combined), you’ve got to park your money in bitcoin. Bonds are at record low yields, real estate market is imploded so REITs won’t do the job because of the pandemic, the dollar is weakening, etc. Institutional investors and hedge funds are treating bitcoin like digital gold, and the more money is poured into bitcoin by these institutions the less risky it becomes, because they have a vested interest in making sure the price doesn’t implode 80% like the last bull runs. For all its promise of “liberating the world” or whatever bitcoin is just going to end up being another asset class for diversification with investors like silver or gold. I think bitcoin will outlive the United States. Things like Monero are closer to the vision of a private digital currency that bitcoin was originally postulated as. Nobody will ever use bitcoin as a currency—it’s strictly a store of value at this point.
