The recent rally may be another case of speculative mania. bitcoin (XBT) looks like “the mother of all bubbles” according to Michael Hartnett, chief investment strategist at Bank of America Securities.
Hartnett points out in a recent report that the dramatic rise in bitcoin during the past two years — a surge of roughly 1,000% since the beginning of 2019 — is far greater than the gains for other assets that have enjoyed massive runups in the past few decades.
That includes a surge in gold…
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