Bitcoin Beyond $50,000: Crack-Up Boom in Bloom Says Ronnie Stoeferle

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We use the volatility of Bitcoin to our advantage, says Ronnie Stoeferle, managing partner for Vienna-based Incrementum. “The price is going up because the price is going up” is how he sums up the rapid rally of the crypto. He explains that Bitcoin north of $50,000 is a prime example of the “Crack-Up Boom” theory, formulated by Austrian economist Ludwig von Mises. “It seems that people are losing confidence in paper money and, from my point of view, it’s a very dangerous market environment we are seeing.” Stoeferle adds, “Many don’t remember the taper tantrum that former Fed Chair Ben Bernanke faced… if we should have a second taper tantrum, this will make 2013 look like a kindergarten party.”

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