Close Menu
Technology Mag

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Sonos is offering a refurbished Era 100 for just $119

    July 1, 2025

    Grammarly wants to become an ‘AI productivity platform’

    July 1, 2025

    Ultra Mobile raised its data caps without a price increase

    July 1, 2025
    Facebook X (Twitter) Instagram
    Subscribe
    Technology Mag
    Facebook X (Twitter) Instagram YouTube
    • Home
    • News
    • Business
    • Games
    • Gear
    • Reviews
    • Science
    • Security
    • Trending
    • Press Release
    Technology Mag
    Home » What’s Behind the Bitcoin Price Surge? Vibes, Mostly
    Business

    What’s Behind the Bitcoin Price Surge? Vibes, Mostly

    News RoomBy News RoomMarch 13, 20243 Mins Read
    Facebook Twitter Pinterest LinkedIn Reddit WhatsApp Email

    The latest surge in the price of bitcoin is increasing the clamor around it, says Dal Bianco, drawing in yet more speculators and creating a “self-reinforcing cycle.” Likewise, when collective confidence in the prospect of further price growth falters, she says, the resultant downturn can be equally sudden. Under these conditions, demand can vanish as rapidly as it forms.

    On March 3, Michael Green, chief strategist at asset management firm Simplify, entered into a wager with Peter McCormack, host of the podcast What Bitcoin Did. They were betting on the price of bitcoin. Green wagered $20,000 that bitcoin would not reach a price of $100,000 per coin by the end of the year. McCormack wagered $100,000 that it would.

    The bet, Green says, was in part motivated by a desire to highlight areas of weakness in the economic theory presented as dogma by bitcoin evangelists. He takes issue with the way bitcoin is being sold to the investing public as “a store of value designed ultimately to be the currency of the future,” he says. “I think that is a bunch of economic nonsense.” Because the supply of bitcoin will shrink steadily over time as people lose access to irrecoverable wallets, Green argues, it cannot support a system of credit, because the cost of borrowing will eventually rise to a point that almost no one can afford.

    In January, US regulators approved the first batch of bitcoin exchange-traded funds, which give people a way to invest in the cryptocurrency through a brokerage, as they would a regular stock. The arrival of bitcoin ETFs is said to have catalyzed the latest surge in price, by unlocking a wave of pent-up demand among investors—both institutions and regular people—previously unable or unwilling to deal with a crypto exchange or risk storing crypto manually themselves. In approving the new bitcoin funds, says Green, regulators have incentivized financial institutions for whom the ETFs represent a new source of revenue to “spend tons of money on marketing to drive demand,” and in turn disincentivized any emphasis on deficiencies in the logic of bitcoinomics.

    The belief in the future potential of bitcoin has become religious, says Green. That missionary zeal is more likely to influence the price, says Green, than any economic mechanism built into the system. Even if McCormack were to lose the wager, he says, it could be chalked up as a fruitful marketing expense. McCormack told WIRED the wager with Green was not a marketing stunt. “I did the bet to prove him wrong,” he says.

    The influence of evangelism on the price of bitcoin limits the opportunity for good-faith debate about the prospects of the Bitcoin system, says Angel.“Once you drink the Kool-Aid, you have a powerful financial incentive to preach to the world that bitcoin is the most wonderful thing,” he says. “If there were a Nobel prize in marketing, it should be given to Satoshi Nakamoto.”

    Bitcoin’s biggest boosters embrace that dynamic as well. “Bitcoin price appreciation is an advertisement,” says Mow. Investors buy in on the prospect of riches—and then fall down the “rabbit hole” themselves, creating a new generation of believers to spread the Bitcoin gospel.

    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email
    Previous ArticleHow Rivian Is Pulling Off Its $45,000 R2 Electric SUV
    Next Article OpenAI’s Sora text-to-video generator will be publicly available later this year

    Related Posts

    Cloudflare Is Blocking AI Crawlers by Default

    July 1, 2025

    Senator Blackburn Pulls Support for AI Moratorium in Trump’s ‘Big Beautiful Bill’ Amid Backlash

    July 1, 2025

    Here Is Everyone Mark Zuckerberg Has Hired So Far for Meta’s ‘Superintelligence’ Team

    July 1, 2025

    Microsoft Says Its New AI System Diagnosed Patients 4 Times More Accurately Than Human Doctors

    July 1, 2025

    OpenAI Leadership Responds to Meta Offers: ‘Someone Has Broken Into Our Home’

    June 30, 2025

    OpenAI Loses 4 Key Researchers to Meta

    June 30, 2025
    Our Picks

    Grammarly wants to become an ‘AI productivity platform’

    July 1, 2025

    Ultra Mobile raised its data caps without a price increase

    July 1, 2025

    X opens up to Community Notes written by AI bots

    July 1, 2025

    Figma is going public

    July 1, 2025
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    Don't Miss
    News

    Google makes it easier to let friends and kids control your smart home

    By News RoomJuly 1, 2025

    Google Home’s latest update will make it easier to decide who in your household can…

    Cloudflare Is Blocking AI Crawlers by Default

    July 1, 2025

    The GOP’s big spending bill could kill renewable energy projects

    July 1, 2025

    A Dedicated Hot Dog Cooker Is the Spirit of American Summer

    July 1, 2025
    Facebook X (Twitter) Instagram Pinterest
    • Privacy Policy
    • Terms of use
    • Advertise
    • Contact
    © 2025 Technology Mag. All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.