It’s been a while since I glanced at Bitcoin, and even now it had to thrust itself into my visual field. Its price is greatly improved from February, when it was $68,507/coin:
Source: CoinMarketCap
My calculator says that’s a roughly 72% move upwards. Yes, that’s quite a jump, isn’t it? But why? This is from a promotional e-mail from AL-Monitor:
On July 14, bitcoin’s price rose above $120,000, a new record, as US lawmakers prepared to potentially pass regulatory changes that could boost the industry. Such a move would have a range of ramifications for the UAE, which has pioneered crypto regulations and attracted major players and investors in the space. In addition, Abu Dhabi wealth fund Mubadala recently made a major bet on bitcoin.
The links are paywalled, unfortunately, but the fact that crypto appears favored to be placed under a forgiving regulatory regime, and some of the richest people and countries in the world are getting involved, has no doubt pushed up interest and values. Even my favorite goofystock, MicroCloud Hologram, is reportedly involved:
Last week, MicroCloud Hologram Inc. (NASDAQ:HOLO) announced investing up to $200 million in Bitcoins and cryptocurrency-related securities derivatives, generating as much as $34 million in income.
According to the company, it currently holds $394 million in cash reserves and plans to allocate the total amount toward derivatives and technology development in cutting-edge fields such as Bitcoin-related blockchain, quantum computing, quantum holography, and AI-powered AR. [InsiderMonkey]
But will these players have the clout and raw power to hold prices up when the scams begin draining this swamp? That’s the big question.
