Our friends in the financial press are chalking up the Bitcoin rally as a bet on a more crypto-friendly Trump Administration. No doubt the prospect of friendlier regulators contributed to the cryptocurrency’s 124% surge this year. But asset prices are high across the board—gold, junk bonds, stocks—often fueled by speculative and leveraged bets.
A few years ago when it was in the doldrums, I invested in a Bitcoin ETF. My biggest regret? Not investing everything in it, at least right now.
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