Vincent Boland: Bitcoin rises from the dead ... and it stinks to high heaven

The ranks of the undead have a new entrant – bitcoin. More than a year after we were told everything about the cryptocurrency world was about to change, and after a decade of hype, price bubbles and wanton capital misallocation, the crypto world has come full circle. Back from the crypt, you could say.

The price of bitcoin – the most common and highly priced of the crypto currencies – hit a record level last week, trading at $69,200 per “coin” and surpassing the previous record from early 2021. The difference this time around is that crypto’s boosters claim there are two new underlying factors that support the price surge and its continued rise from here.