Key Points
But as enthusiasm for bitcoin spreads anew, so do myths and confusion around the forces moving the price...
Yet they capture a belief among hardliners that the economic architecture of the Bitcoin systemwhereby a fixed supply of 21 million coins and predetermined schedule of release is hardcoded into the softwarewill inevitably propel the price upwards over time..
Therefore, bitcoiners who believe its price will rise tend to emphasize its potential as a digital equivalent of golda commodity whose limited supply allows owners to hedge against inflation and general economic calamity...
The arrival of bitcoin ETFs is said to have catalyzed the latest surge in price, by unlocking a wave of pent-up demand among investorsboth institutions and regular peoplepreviously unable or unwilling to deal with a crypto exchange or risk storing crypto manually themselves..
I did the bet to prove him wrong, he says.. The influence of evangelism on the price of bitcoin limits the opportunity for good-faith debate about the prospects of the Bitcoin system, says Angel.Once you drink the Kool-Aid, you have a powerful financial incentive to preach to the world that bitcoin is the most wonderful thing, he says..
