If Bitcoin Is Digital Gold, What Is Digital Fool’s Gold?

Plus, why fintech firms struggle with the Military Lending Act.

Number of the Week: 30% (explanation below)

If Bitcoin Is Digital Gold, What Is Digital Fool’s Gold?

We are approaching the one-year anniversary of the beginning of the current crypto winter. This chart shows the price in dollars of the two largest currencies, Bitcoin and Ethereum, over the last year; both are down about 60 percent.

In headier times, there was a lot of brisk chatter about Bitcoin being “digital gold,” although that has largely gone silent, as Bitcoin’s price has plummeted. Even the mining metaphor has suffered; rising electricity costs make creating new Bitcoin unprofitable at current prices. Last month Compute North, one of the largest crypto mining centers, filed for bankruptcy.

But crypto hope springs eternal, and there are still hordes of people trying to buy into the crypto dream. One cryptocurrency in particular has had a spectacular month amid the general gloom.