Bitcoin's big bang moment is impossible to ignore

The post-election excitement around crypto comes down to vibes and vision.

- Katie Martin

Apparently it is time to let go of your old mindset (man). Forget about the past. Imagine a new and more glorious future. And buy Bitcoin.

This is a serious struggle for normies like me. Bitcoin is still not a proper currency - try using it to buy a coffee or pay your taxes almost anywhere in the world. It doesn't pay a yield or a dividend or provide a claim to anything other than itself. The ecosystem around it is peppered with wholesome, sensible people but dominated by cranks and grifters, especially as you look past Bitcoin and into the vast universe of smaller tokens and coins.

But even I have to admit that the rally since the re-election of Donald Trump as US president is something special - a big bang moment that is impossible to ignore. The price has vaulted over US$90,000 (S$121,000) for the first time, marking a rise of more than 34 per cent since election day, which, as a reminder, was just last week. A target of US$100,000 by the end of 2024 is not outlandish. What a time to be alive and what a payday for Bitcoin holders.

Analysts at Bernstein are not holding back. "Welcome to the crypto bull market," they wrote in a note on Nov 11. "Buy everything you can... We recommend investors who have so far remained shy of any crypto exposure due to regulatory concerns to 'invert their mental model'."