Bitcoin Depends On Faith – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

As Tesla buys $1.5 billion in bitcoin, BNY Mellon expands custodial services to include bitcoin and crypto assets and Mastercard follows Visa and PayPal in facilitating cryptocurrency transactions, the bitcoin price has reached record highs — yet again — breaking over $61,000.

Once again in the spotlight, bitcoin has reignited arguments over the reasons for its eventual rise or fall. Such arguments frequently proceed from data, facts or other material “realities.” We contend that a thorough analysis, however, must also think about Bitcoin in its immaterial form, as an object of faith, or what is the more secularized versions of faith: belief and trust.

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