Bitcoin Surges to $80,000 as Crypto Bear Market Appears Behind Us
Bitcoin's price has surged to $80,000, up 30% in the last month, as the crypto bear market appears to be behind us. According to Eric Balchunas of Bloomberg, the debasement/store-of-value trade is strong.
The overall trend in crypto is bullish, but macroeconomics and geopolitics introduced volatility this week. Tensions in the Middle East escalated, contributing to a rise in oil prices, while Treasury Secretary Bessent blamed Ukraine for creating upward price pressure on a global basis.
Ursula von der Leyen's comments about mobilizing European savings to fund European companies were seen as tantamount to capital controls, a classic tool of financial repression. This led some to buy Bitcoin in reaction to the news, which can potentially skirt capital controls.