It was the technology stocks in the US till a few months back that were getting investors’ attention, but that got trumped more recently by the multi-bagger returns of some cryptocurrencies. There are newspaper front page comparisons of the value of bitcoin with the returns on the Sensex and gold, where the crypto emerges as a multi-bagger, giving better returns than others. There are interviews with crypto exchange owners that talk up the future value of this unregulated decade-old virtual currency. No wonder people feel like they missed the biggest gold rush again.
Crypto enthusiasts like to compare bitcoin to gold using analogies of ‘mining’ bitcoin—no matter that only keyboards are tapped and no underground mines are explored. The crypto logo has a shiny gold-like image to emphasize that association, but nobody yet has worn a ring or a necklace made of bitcoin for it is a fully virtual currency that is unregulated.