Bitcoin is back, thanks to its spiraling price, and The Wall Street Journal, the U.S. largest financial newspaper, took note today with a headline proclaiming: “Bitcoin Frenzy Back As Epic Bust Fades.”
The article notes that this week’s 50 percent price jump recreates scenes from 2013 and explores the question of history repeating itself. The publicity in 2013 pushed speculative buying which drove the price from $13 to $1,100 before crashing.
The reporter, with a careful eye to recent news, notes early on that bitcoin’s price volatility is currently overshadowing a steadily growing interest in the block chain’s application to traditional finance.
Most of the article encapsulates recent bitcoin history for readers who might not have not been paying close attention. The summary gives readers an overview of recent events to allow them to form an opinion about what the current price surge portends.
Recent Bitcoin Events Give Perspective
Bobby Lee, CEO of BTCC, the Beijing-based bitcoin exchange, credits the current price surge to a herd mentality.
The European Union has ruled