The Bitcoin market doesn’t rise or fall randomly because it’s based on supply and demand. But there can be a significant emotional component in its pricing, especially among retail investors who chase a rising market after developing a case of FOMO or dump their holdings in a near panic when the market plunges.
There are about 18.4 million Bitcoins in circulation, less a small number of lost coins.
In mid-day trading Monday, Bitcoin changed hands at $34,685.48, up 4.54% in the last 24 hours and up 18.34% for the year.
But the days of “Reefer Madness” are long gone and individuals are rarely prosecuted.
Two Canadian companies, High Tide and Village Farms International, have attracted investors.