Bitcoin briefly tops $US40,000, bolstering crypto market

Mr Halley said the attack on Capitol Hill in Washington and the ensuing chaos and political uncertainty bolstered demand for bitcoin.

“Although I continue to shout hopelessly from my soapbox that bitcoin is a tradable asset, and not an investible one, I will not argue with momentum and doom theory [Fear of Missing Out], he said.

“With impeachment talk running around Washington DC, and a seeming avalanche of immediate resignations from his staff, the President’s actions may yet have consequences,” Mr Halley also said.

The Democratic wins in the two Georgia Senate seats this week, effectively flipping control of the chamber, also has helped because it advances the narrative of the US government likely issuing more debt and foreshadows a still weaker US dollar, he said.

“That is as fertile a ground for bitcoin as any, and new all-time highs from numbers plucked out of the sky seem inevitable. Just please don’t put your pension money in it.”

Bitcoin was trading at $US10,160 in early September. It tumbled to below $US4900 in the global pandemic sell-off in March.

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