Markets
No good reason to turn bullish on cryptocurrency
Leonid Bershidsky | 05 Apr 2019 00:30
Bitcoin spiked briefly above US$5,000 on April 2, a level it hasn’t reached since it crashed spectacularly in November. The surge pulled up other cryptocurrencies, too.

But have no fear of missing out: Whatever the explanation, there’s no good reason to turn bullish on crypto.

If you go to crypto websites or follow the market’s opinion leaders on twitter, it’s clear this universe has been captured by neareuphoria in recent days.

“I’ve never been more bullish about crypto than I am right now,” tweeted TechCrunch founder Michael Arrington, who runs a crypto investment fund.

It’s hard to understand, though, what that optimism is based on, unless you’re willing to buy “macroeconomic” explanations put forth by crypto ideologues

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