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Only a fool would have bought into bitcoin late last year. So guess what I did? | Arwa Mahdawi

bitcoin | The Guardian
Only a fool would have bought into bitcoin late last year. So guess what I did? | Arwa Mahdawi

A little voice in my head told me that maybe cryptocurrency was the future, and I should have a stake in it. That voice was wrong …

What follows is a morality tale for the modern age. It stars me, an idiot, and may produce strong feelings of schadenfreude in you, hopefully not an idiot. Ready? Let us begin.

Once upon a time, like, a year ago, cryptocurrency was going gangbusters. (I do hope you can keep up with this technical language; crypto can be complicated.) It had made the transition from being an obsession for nerdy libertarians (and the preferred currency of drug dealers) to becoming a topic of mainstream conversation. And prices were rocketing – bitcoin, the original and most well-known cryptocurrency, reached a record high of almost $20,000 (£15,500) shortly before Christmas last year. Staggering, when you remember that one bitcoin was worth about $13 five years earlier. People who had gambled on cryptocurrencies early on were getting insanely rich.

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BNC insights feed
How Bakkt could reveal the natural demand in bitcoin market
The launch of NYSE’s bitcoin futures contract, pushed back to January next year, will be the first deliverable – opposed to cash-settled – bitcoin contract with the settlement of each contract delivering one “physical” bitcoin to the customer’s account. Bakkt believes this will “add to the utility of bitcoin beyond simply trading”, but will it create the natural demand needed to lift price or just create another opportunity for speculators to short it?

BNC Weekly bitcoin Blockchain Statistics 26th November 2018
Brave New Coin’s weekly bitcoin blockchain statistics for the week of: November 19th – 26th, 2018

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