Is A New Crypto Bubble Just Starting? Crypto Bros Reportedly Back To Buying Jets, Cars, And Watches
As Bitcoin flirts with the $100,000 mark, cryptocurrency enthusiasts are embracing a surge dubbed the “Trump Bump,” a phenomenon tied to Donald Trump’s 2024 presidential victory, The New York Post reported. The crypto world is abuzz with activity, but some wonder if we are witnessing the formation of another massive bubble.
Michael Saylor’s MicroStrategy has leveraged over $30 billion to amass Bitcoin holdings. “There is no second best,” Saylor told The Street, doubling down on his strategy by targeting $42 billion in new funding over the next three years. While Bitcoin maximalists call Saylor a visionary, others wonder if MicroStrategy’s approach could lead to catastrophic losses if Bitcoin’s price falters.
But parallels to previous crypto trends are there. Barclays noted signs of a bubble in the crypto sector, pointing out that retail excitement often goes beyond Bitcoin to other market sectors. The British bank stated, according to CNBC, “Euphoria in the crypto market has spilled over to other sectors of the equity markets.” Bitcoin’s price has surged nearly 37% since the November 5 election, peaking at $99,800 before sliding to $92,500.
This optimism has triggered a spending spree. The New York Post reported that “cryptocurrency investors are known for their optimism, even when their digital coins crash — but when their values rocket, they become euphorically spendy.”
Charlene Woods, who manages luxury rentals in Beverly Hills, described to The Post her experience with the “Trump Bump” windfall. Initially hesitant to sell, she’s now enjoying her success. “I’m glad I did,” she remarked.
While Bitcoin’s rise has fueled celebrations, but what happens when the euphoria fades?
