Bitcoin Rebounds To $63k As Rand Paul Sees Crypto As Future "Reserve Currency Of The World"

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by Tyler Durden
Monday, Oct 25, 2021 - 09:15 AM

Having tagged $67,000 last week on the heels of the launch of US' first Bitcoin (futures) ETF, the largest crypto currency took a hit into the weekend prompting more calls for 'the end' of the bubble.

The weekend's price action was stable and this morning has seen a consistent bid back into bitcoin, sending it back to $63,000...

This move follows Twitter/Square CEO Jack Dorsey's comments on imminent 'hyperinflation':

“Hyperinflation is going to change everything. It’s happening,” Dorsey wrote on Twitter, later continuing to say:

“It will happen in the U.S. soon, and so the world.”

And even more pointedly, Senator Rand Paul telling Axios, during an interview on Sunday, that cryptocurrency could eventually replace the dollar as "the reserve currency of the world."

The senator says he's begun to ask that question as more and more people lose confidence in governments (and as a reminder, when Paul ran for president in 2016, he accepted donations in Bitcoin).

Additionally, we note an interesting story that Frances Haugen, the former Facebook product manager-turned whistleblower, told the New York Times she is “fine for the foreseeable future” because she “bought crypto at the right time.” 

As Decrypt reports, since Haugen leaked the documents - collectively named the Facebook Files - to the Wall Street Journal, she has moved to Puerto Rico to handle a health condition, but also to join her “crypto friends.” 

“For the foreseeable future, I’m fine, because I did buy crypto at the right time,” she told the New York Times

Finally, for popular analyst TechDev, Bitcoin is still replaying 2017 price action with almost uncanny accuracy. This, too, would suggest much higher price levels before the year is out - in line with December 2017’s blow-off top.

Ahead of the launch of the third Bitcoin futures exchange-traded fund (ETF) Monday, more attention is being paid to gold - and traditional ETFs - and the threat that Bitcoin poses to them.

“If CME open interest jumping several places to number 1 globally in a matter of days this week is not a barometer for massive institutional interest, I don’t know what is,” Charles Edwards, CEO of investment firm Capriole, commented last week. “This is a changing of the guard.”