Bitcoin, the digital currency that has attracted drug dealers and tax evaders, is on a roll again. But, after a price rise that echoes its first speculative bubble three years ago, the currency’s backers are warning that another sharp correction could follow.
Bitcoin first boomed in 2013 as speculators — alongside assorted lawbreakers — were drawn to the idea of a currency beyond the reach of national regulators.
Tech entrepreneurs jumped on the bandwagon, betting that it would become a platform for a disruptive new financial services industry. The currency’s price later fell more than 80 per cent from its peak, after a cyber-heist from its biggest exchange and growing attention from regulators.
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