As I type this, the price of Bitcoin sits at $61,837.31… which is almost 2x the price of Bitcoin on July 16 of this year.

How/why is that?

I love this simple, spot-on description from John Authers at Bloomberg.

“Whatever the future for bitcoin, or other cryptocurrencies, they are too far from maturity to have reliable linkages with other asset classes. They are in what could charitably be called a growth phase, or uncharitably a speculative phase. Trends in the bitcoin price still have little reliable link to other critical variables in the economy, and much more to do with waves of sentiment as people try to work out the ultimate role in the economy of undeniably exciting technology.”