{"id":88844,"date":"2024-12-11T16:17:03","date_gmt":"2024-12-11T16:17:03","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/revenge-of-the-hodlers"},"modified":"2024-12-11T16:45:51","modified_gmt":"2024-12-11T16:45:51","slug":"revenge-of-the-hodlers","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/revenge-of-the-hodlers","title":{"rendered":"Revenge of the Hodlers"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>What is there to say with bitcoin at US$100 000 for those of us who thought $10 000 looked nuts? After 15 years of cryptocurrency boom-and-bust cycles, rags-to-riches (and back to rags) stories, scams and bankruptcies, a carnival mood is back and hushing us naysayers.<\/b><\/p>\n

Politicians are joining the party: Donald Trump is appointing pro-crypto officials, eyeing a bitcoin reserve and even hawking his own coin. So are punters, who are trying their hand and losing their shirts in the risky meme coin market. Like the 18th-century carnival of Rome attended by the poet Goethe \u2014 where all mad and foolish behaviour save for knifing and brawling was allowed \u2014 it\u2019s the mystified tourists who are in the minority.<\/p>\n

Right now, it\u2019s Anthony Scaramucci of all people whose analysis makes the most sense: bitcoin\u2019s new milestone shows it\u2019s gained wider acceptance as a tradeable asset and portfolio investment, offering both big gains and gut-wrenching drawdowns (the last peak-to-trough fall after Covid-19 was around 76%).<\/p>\n

Almost $10-billion has flowed into bitcoin exchange-traded funds since Trump\u2019s 5 November US election win<\/p>\n

The flipside of having no intrinsic value and a decentralised architecture with a huge energy footprint means that nobody\u2019s using bitcoin to buy their groceries, though: only 7% of US consumers hold bitcoin, according to Deutsche Bank research, and a survey published last month by the UK Financial Conduct Authority found only 16% of people who owned cryptocurrencies used them for payments. Sceptics focus on the lack of real-world adoption \u2014 yet it\u2019s speculators banking on so-called digital gold who\u2019ve come out richer.<\/p>\n

Another point in HODLers\u2019 favour going into 2025 is betting on the power of the incoming US president \u2014 somewhat ironically for a movement originally forged by libertarian cypher-punks. Almost $10-billion has flowed into bitcoin exchange-traded funds since Trump\u2019s 5 November US election win, which makes sense given the likely gains to be had from regulatory forbearance.<\/p>\n

Gary Gensler\u2019s departure from the Securities & Exchange Commission likely means more breathing space for tokens that have laboured under the \u201cunregistered securities\u201d label, making US-based Coinbase Global an obvious beneficiary of onshore trading flows and products \u2013 its shares have doubled this year. A friendlier regulatory atmosphere means we should expect more financial institutions to join in, even in risk-averse Europe.<\/p>\n

Limits<\/p>\n

Still, even pro-crypto folks know there are limits to this trade. We\u2019re far from Friedrich Hayek\u2019s vision of the \u201cde-nationalisation of money\u201d, in which the state would ideally cede monopoly control of currency to the competitive private sector. Trump\u2019s recent call to Brics nations to accept dollar dominance shows he\u2019s far from a crypto purist. A bitcoin strategic reserve, with all the risk involved for US taxpayers, is probably (let\u2019s hope) a bridge too far.<\/p>\n

And while digital gold is a handy moniker that allows optimists to imagine another tenfold rise for bitcoin \u2014 taking its market capitalisation to $20-trillion, or on par with gold \u2014 its price has recently been correlated with tech stocks on the Nasdaq index, suggesting real-world macroeconomic conditions need to remain healthy to maintain that speculative lustre. For now, they are: monetary policy is loosening and tech stocks like Nvidia and Palantir Technologies are rocketing (and have outperformed bitcoin this year). But if the twin engines of the US economy and stock market sputter \u2014 perhaps due to tariffs or inflation \u2014 it may undermine bitcoin\u2019s attractiveness.<\/p>\n

There are other, longer-term questions posed by this rally. The first is just how dangerous the gamblification of finance could yet be in a world of 24\/7 trading apps, legalised sports betting and instant payments \u2014 something crypto fans tend to dismiss. Like two sides of the same coin, crypto rallies expose punters to a proliferation of scams and get-rich-quick schemes. The urge to make money fast and replicate the seemingly out-of-reach gains of the early adopters can lead to horror shows like the Hawk Tuah memecoin or the baffling rise of Peanut the Squirrel\u2019s token (market cap: $1.2-billion.) There will need to be re-regulation ahead, and maybe a total rethink of how the lines between investing and gambling are policed.<\/p>\n

The second is whether there is already a glimpse of a future financial system beyond the speculation. Complex systems take time to emerge \u2014 something crypto doubters might also miss. Maybe new experiments, such as First Abu Dhabi Bank and Libre Capital\u2019s announcement this week of a stablecoin-lending pilot backed by tokenised money-market funds, are the budding indicators of where this Wild West of digital trading might end up.<\/p>\n

For More News And Analysis About Ghana<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. What is there to say with bitcoin at US$100 000 for those of us who thought $10 000 looked nuts? After 15 years of cryptocurrency boom-and-bust cycles, rags-to-riches (and back to rags) stories, scams and bankruptcies, a carnival mood is back and hushing us naysayers. Politicians are joining the party: Donald Trump […]<\/p>\n","protected":false},"author":84,"featured_media":88843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[429],"class_list":["post-88844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-ghana"],"yoast_head":"\nRevenge of the Hodlers - Ghana<\/title>\n<meta name=\"description\" content=\"What is there to say with bitcoin at US$100 000 for those of us who thought $10 000 looked nuts? 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