Experts: Cryptocurrency surge fueled by mistrust of central banks, uncertainty about U.S. debt

Carrie Sheffield
Just the News

February 17, 2021

Fueled by mistrust of central banks and uncertainty about the debt-laden future of the United States, the ongoing surge in prices for cryptocurrency will likely continue for now, market experts told Just the News.

The price of one Bitcoin, the most valuable of the cryptocurrencies, shot up from $9,876.23 on Feb. 16, 2020 to $49,133.33 Tuesday, a far cry from the mere $123.65 recorded on Oct. 1, 2014, the earliest date available on the CoinDesk, a news site specializing in bitcoin and digital currencies.

CoinDesk reported the price of Ethereum, another cryptocurrency, stood at $1,778.92 on Tuesday, compared to $267.35 on Feb. 15, 2020 and just $1.69 on Aug. 13, 2015, CoinDesk’s earliest recorded date available. 

Mitch Roschelle, founding partner of Macro Trends Advisors LLC and a former partner at the financial services giant PwC, told “Just the News AM” television program Tuesday that cryptocurrencies were first created because of a sense of distrust of central banks and their ability to print money. 

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