The furore surrounding Bitcoin in recent years has caught the attention of even the most hardened of crypto sceptics in financial markets. Rarely in recorded history has an asset returned 600% in 6 months. Bitcoin’s phenomenal rise can be largely attributed to a wave of new tech savvy retail investors who poured their discretionary incomes into crypto markets during lockdowns. Bitcoin's price soared from $10,000 to $63,000 in a very short space of time.
Large institutional investors followed. Then came Tesla’s CEO, Ellon Musk who announced on Twitter in March of this year that Tesla would accept Bitcoin as payment. Retracting the statement a month later, however, citing environmental concerns, Musk earned $101 million from his Bitcoin trade while simultaneously wiping $500 billion (60%) off the market cap. Millions of small investors got caught on the downside.
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