Cryptocurrency
Minting Dozens of Coins a Day, Speculators Tap Into Crypto Craze
As reported on Bloomberg, “Risk is running rampant in financial markets. Stocks trade at dot-com-era valuations, the IPO pipeline is full, SPACs are back, Bitcoin’s headed toward a record. And right on cue, here come the crypto opportunists. “Fueled by a spike in speculative appetite, cryptocurrency entrepreneurs are offering new digital coins at a torrid […]
As reported on Bloomberg, “Risk is running rampant in financial markets. Stocks trade at dot-com-era valuations, the IPO pipeline is full, SPACs are back, Bitcoin’s headed toward a record. And right on cue, here come the crypto opportunists.
“Fueled by a spike in speculative appetite, cryptocurrency entrepreneurs are offering new digital coins at a torrid pace reminiscent of the Bitcoin boom three years ago. Among the freshly listed: Porkchop, Davecoin, Spaghetti, Newtonium and Whale. Many have no obvious utility, but investors have poured billions into them up in hopes of riding one to an easy profit.The world of crypto has always attracted peddlers of get-rich-quick products when fans of rewiring the global financial system start buying into a new idea. In 2017, it was Bitcoin and the end of fiat currency.
“This time, buzz is growing over decentralized finance applications that seek to cut out institutions from things like lending. Back then, tax cuts had juiced the global stock market. Now, central banks are plowing trillions into the system, depressing bond yields and sparking a rush into alternative assets…”