Bitcoin at $100,000 is a whole new danger

Bitcoin has crossed the $100,000 mark, and the cryptocurrency faithful are celebrating what they see as vindication. People like me, who have now spent years speaking against Bitcoin, should now shut up and follow the new god. Social media is awash with proclamations of Bitcoin's inevitability and retrospective calculations of how much money doubters have 'lost' by not buying in earlier. The psychological impact of this round number will draw in a fresh wave of new investors and make this an especially dangerous moment for people's savings. However, bitcoin sceptics like me stand steadfast. This price milestone changes nothing about Bitcoin's fundamental nature. It remains an entirely speculative instrument with no underlying value as it has always been. When something has no inherent worth, no price - $10 or $10 million - can be considered correct or incorrect. The price is whatever the next person can be convinced to pay. However, human psychology is deeply affected by round numbers and apparent milestones, so this particular event is worth examining carefully. Suggested read: The endless crypto hype I've written about this earlier in the wake of the FTX scam, but we're witnessing a