The world’s bellwether cryptocurrency Bitcoin reached a fresh all-time high earlier this week, at one point hitting the $69,000 mark before settling down to just over $64,000 Friday afternoon.
Since Bitcoin is the cryptocurrency for many people throughout the globe, there’s rarely a single factor pushing it higher or lower.
Not coincidentally, that leap to $69,000 a pop took place on Wednesday, the morning when the federal government announced that the consumer price index — the leading indicator of U.S.
Personally, I’m not convinced that this ever-volatile digital coin can be a reliable store of anything, but these days more and more institutional and individual investors clearly feel differently.
Bitcoin and some of the more reputable altcoins will likely behave like gold, in that they’ll enjoy increased demand with greater economic uncertainty.