By the time you read this, gravity may have reasserted itself, but by early January the price of Bitcoin had rocketed to a record high above $40,000, doubling in a month. This capped a vintage year for the original cryptocurrency—a type of global, digital money whose integrity is guaranteed by an online database rather than government or central bank oversight. Its price almost quintupled during 2020, despite the crash in world markets earlier that year.
We’ve been here before. The last spike was 2017, when BTC started the year below $1,000 and peaked at $19,000, before crashing to…
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