Bitcoin could fly to $100,000 and I still wouldn’t buy it

What on earth has happened to Bitcoin? It looked more dead than alive at the start of this year, but suddenly it’s full of the joys of spring.

Bitcoin is coming 

Bitcoin is up around 50% this month, briefly soaring to a high of $8,390 at one point, its highest level since July 2018. And that’s on top of the 28% rally in April. Something’s happening, but what?

As ever with crypto currencies, everybody has a theory. Some put it down to capital flight, as money floods out of China on trade war fears. Growing tensions between the US and Iran have also been blamed.

Others say Bitcoin has been lifted by digital asset exchange Bakkt’s decision to start testing for Bitcoin futures contracts in July, which could boost its mainstream appeal. Digital currency exchange Coinbase is now offering Visa debit cards, so there’s another reason for you.

Seeking Consensus

Or it could be down to the annual gathering of the blockchain and crypto community at Consensus in New York, between 13 and 15 May. Then there’s the perpetual rumour some unnamed major institution is ready to get stuck into cryptos.

There is talk of Bitcoin hitting $10,000, $100,000, or even $1m. Yet I still wouldn’t buy it because it’s too volatile and prone to crash. Dramatically. In fact, the higher it climbs, the more dangerous it becomes. I’ve tried trading cryptos and they’re liable to give you sleepless nights and drive you crazy as you…

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