Bitcoin headed for another weekly slump on Friday, with the largest cryptocurrency heading closer to $3 000 – a level unseen since September last year.
It turns out that cryptocurrency enthusiasts were committed well beyond the HODL rallying call that urged them to hold on during this year’s digital-asset market collapse.
Nearly 170 years before the invention of bitcoin, the journalist Charles Mackay noted the way whole communities could “fix their minds upon one object and go mad in its pursuit”.
One of the consequences of the recent rout in bitcoin is well underway. And it’s likely to have a profound effect on the leading cryptocurrency.