|The ink is barely dry on Sam Bankman-Fried’s conviction, and bitcoin is already rising like a fresh divorcee.
Bitcoin hit a new high for 2023, nearly touching $38,000 at one point on Thursday. It marked the highest price for the cryptocurrency since early May 2022, adding to what has quietly been a strong year for bitcoin, writes Insider’s Phil Rosen.
After a dreadful 2022 culminating in the downfall of FTX and the aforementioned SBF, bitcoin has been on the up. While there was plenty of fallout from FTX’s bankruptcy, the price of bitcoin has steadily climbed this year. Year-to-day, it’s up more than 110%.
If you’re surprised by those numbers, I wouldn’t blame you. The crypto community, or at least what’s left of it, hasn’t been as vocal about its gains this time. It appears the market had its fill of humble pie in 2022 and isn’t looking for more.
It’s not just bitcoin enjoying a bit of a boon. Ether’s price surged after reports circulated about BlackRock filing paperwork in Delaware that indicates plans for an ether ETF.
But the best example of crypto’s comeback might be the U-turn one of its biggest critics just made. Nouriel Roubini — aka “Dr. Doom” — has previously called crypto “totally corrupt” and the “biggest criminal heist in human history.”
Now he wants in.
His asset management firm, Atlas Capital, is launching a blockchain-based stablecoin pegged to “a carefully chosen portfolio of liquid real world assets.”