The Bitcoin Bubble Isn’t All About Trump: Allison Schrager

I think I finally understand value of cryptocurrencies: They add some volatility to your portfolio. Maybe that’s why they have found such a champion in Donald Trump, who if nothing else adds some volatility to our politics.

And yet — I will not push the analogy between the president-elect and cryptocurrency any further — this volatility also exposes the central contradiction of crypto, which has hit record highs in the week since Trump was elected. Crypto is supposed to be an alternative to government currencies, a safe refuge if the global financial system collapses. But its history suggests it just ...