Bitcoin's True Purpose Revealed Amidst Surge in Price
The recent surge in Bitcoin's price above $80,000 has been driven in part by investors positioning for a weaker US dollar amid concerns over US debt and government borrowing.
As more people use cryptocurrency as an investment, it is increasingly being viewed as an asset class. However, the true purpose of crypto has been revealed through recent events in US and British politics.
Susannah Streeter, chief investment strategist at Wealth Club, attributes Bitcoin's rise to the 'debasement trade', where investors bet on a decline in the value of traditional currencies.
But it is not just about investing. Ben Delo, co-founder of BitMEX, donated £36m to Reform UK, a startup he compared to Ocado and Octopus Energy on their way to becoming British success stories. Delo's fortune comes from his involvement in the crypto exchange.