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20 November 2024

Why Trump’s Bitcoin boom is a fake

I have no idea what will happen to cryptocurrencies – and neither does anyone else.

By Will Dunn

Perhaps you know them, the friends who bought a flat in a rough part of town. When you visit (rarely, and in daylight) they cannot resist giving you the sales pitch. It’s actually great to live near an incinerator – it masks the smell of the landfill site – and the local pub is full of such characters! (Don’t look at them directly.) The children enjoy the sirens zooming past, and sometimes the police even put a little tent up in the park, although obviously we don’t talk about what might be inside. Best of all, property is weirdly cheap. You should move here. Please? It’s up and coming.

What they mean is that it would be up and coming if you moved there, because you’d be pushing up the price of their investment, by adding demand to the housing market and supporting the local microbrewery. What they are asking you, in a roundabout way, is whether you’d like to give them quite a lot of money.

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