Bitcoin was at it again early Friday, climbing something like $350 in the space of a couple of hours, rising above $8,100.
This comes on the heels of Thursday morning’s truly absurd ascent that saw prices spike more than $1,000 in minutes.
Who knows what’s behind this, but whatever it’s worth, Fundstrat’s Tom Lee (more on Tom’s Bitcoin calls here), said three things could be behind the rally:
- Santander’s idea for a payment application based on blockchain
- tax-related selling being nearly at an end
- short squeeze
Whatever, Tom. Some suspect the apparently imminent arrival of George Soros onto the scene (he’s given the approval for his family office to trade digital assets just months after calling them a bubble) might also be causing shorts to get cold feet.
In any event, Bitcoin has had a great week along with the rest of this hopeless bullshit:
Don’t forget, it’s a “disease.”