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FX Strategist Explains Why This Time Bitcoinmania “May Be Different”

Now that bitcoin is once again all the rage among investors, both retail and institutional, opinions on its future prices follow a bimodal distribution with a concentration at either extreme and few moderate view inbetween. Which is why this morning’s note from SocGen FX strategist Kit Juckes with interest as it presents one of the more nuanced takes on what may happen next, and if nothing else, we believe he hammers the point with the following observation on how “bitmania” is different from tulipmania:

“Bitcoin is different because even now, most activity is ‘buy to hold’; by people who believe it is the natural competitor to gold as a store of value in a time when central banks are playing footloose and fancy free with fiat money.”

Of course, the real reason behind bitmania – and why it may persist – is simple: it’s all in response to brrrr (which is why we find all the Fed fanboys bashing bitcoin so hilariously absurd).

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