KEY POINTS

• Bitcoin surged to an all-time high of more than $50,000 on Tuesday.
• Large firms like Tesla, Mastercard and BNY Mellon have shown support for cryptocurrencies.
• Many crypto investors believe the current bull run is different to a late 2017 bubble.

MORE… CNBC. 😉

Here’s the other half of his address…

Source: Bloomberg

Previous speculative asset-inflation episodes were either a one-off, like tulip mania in the 17th century, or the boom-doom cycle took many years, like gold. Bitcoin, by comparison, has survived three peak-to-trough drawdowns of over 80% in less than 10 years. The cryptocurrency surged past $40,000 last week to set an all time high. It has fallen more than 15% since then.

Man Group, the world’s biggest publicly traded hedge fund firm, compares Bitcoin to Prometheus in Greek mythology, whose liver keeps growing back, every time a giant eagle pecked it out.

“Every time a Bitcoin bubble bursts, another grows back to replace it,” Man Group’s analysts wrote in a note dated Jan. 12. “This very frequency makes the Bitcoin narrative somewhat atypical relative to the great bubbles of the past.”

Here’s a table of some financial bubbles compiled by Man Group:

Read More:

Bitcoin’s Biggest Plunge Since March Shakes Faith in Crypto Boom

Bitcoin’s Wild Weekends Turn Efficient Market Theory Inside Out

Bitcoin’s Slide Dents Price Momentum That Dwarfed Everything