Since the start of the pandemic, bitcoin has enjoyed a dramatic bull run. With its impressive gains, old talk has resurfaced about how it will become a new global currency and supplant the dollar’s dominance. If one listens to the younger enthusiasts, it will also bring world peace and even the much sought-after goal of economic equality. That last statement might exaggerate some claims for Bitcoin, but only slightly. If traders in gold or tin or zinc were to make such forecasts for their commodities, people would be highly skeptical and rightly so. But with Bitcoin, the claims seem to have gained acceptance in many circles. Perhaps it is because the word coin is embedded in the name.
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