Today we consider bitcoin. I found myself writing the following phrase to begin this morning’s missive. “Bitcoin has been stuck in the $8,000-$12,000 range since May.” Then I thought that, while true, it’s kind of insane... Bitcoin has been trading between about $8,000 and $12,000 per coin since May. Using the mid-price of that range – $10,000 – as the base price, I am effectively saying that bitcoin has been stuck in a 40% ($4,000) range. Imagine my saying that gold, or the Dow or the housing market was “stuck in a 40% range”. It takes several years, a global pandemic and an extraordinary amount of financial ... (full story)