This post first appeared in Frank Chaparro’s weekly column “Mad Crypto,” which is sent to Genesis members’ inbox every Monday morning.
Pundits and media professionals often struggle to pinpoint the Holy Grail behind each bitcoin price increase. And the 17.2% increase this past week to around $11,000, its highest point in over 15 months, is no different.
Naturally, Facebook’s Libra announcement is alluded to at the bottom of many “price posts” out there (such as this one from the Financial Times).
But as our friend Lionel Laurent at Bloomberg News points out in his Sunday morning column, readers would be unwise to attribute bitcoin’s bullish run over the past week solely to Mark Zuckerberg’s plan to gatecrash the digital currency market with a stablecoin-like token backed by giants such as PayPal, Uber, and Visa.
Join Genesis now and continue reading, Mad Crypto: Libra was just the cherry on top of this rally!