Can Trump make bitcoin useful?

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Financial Times 15h ago

Can Trump make bitcoin useful? - Financial Times

Quick Summary:

Larry Fink, the billionaire founder of BlackRock, the world’s biggest asset manager, said recently that if more sovereign wealth funds considered holding bitcoin, it could reach $700,000.

The price of bitcoin is currently trading around its highest point since the token was created in 2009 — but a close look at the 16 years since founder Satoshi Nakamoto mined the first coins shows a history of soaring prices typically followed by steep crashes.

The volatility of crypto, the risk of price crashes and the use of leverage means as it becomes more mainstream it “could destabilise the broader financial system” and create “systemic risk ...that can have serious negative consequences for the real economy,” the New York Federal Reserve has warned.