![]() But to retail investors who aren’t hardcore proponents, I’d imagine FOMO was one of the most intriguing pulls into the cryptocurrency space. ![]() In some ways it’s just an Occupy Wall Street protest being held on Robinhood in other ways it’s a complete rejection of efficient markets and a reinvention of institutional trust.īitcoin holds fundamental differences from publicly traded stocks, many of which might matter an awful lot to those betting on the coin as a currency of the future. That in turn has led to a short squeeze troubling hedge funds, causing the price of a stock worth around $5 for the majority of 2020 to swell well above $300 today. Over the past several days, we’ve seen stocks ranging from GameStop, Blockbuster and AMC make unjustifiable gains as a result of Reddit users in the r/WallStreetBets subreddit triggering a stampede toward stocks being heavily shorted by institutional investors. The (very bizarre) question is whether a new avenue of applying blind trust by brigading trashcan-level stocks and turning them into memes could threaten the appeal of cryptocurrencies for retail investors. For bitcoin, the trust that it has worth has turned more valuable in the past several months it’s been on a tear. Their value is a product of digital handshakes over millions of transactions firming up that consensus. Cryptocurrencies, more so than most other things, are only valuable because of a shared agreement that they are valuable. ![]()
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