Kings of Crypto

Epilogue

On March 9, 2020, the Dow Jones Industrial Average dropped a record 2,000 points amid fears over oil prices and the Covid-19 pandemic that had begun to consume the world. Three days later, the Dow fell another 2,350 points, and the following Monday it lost 3,000 more. It was a once-in-a-century financial calamity, and nothing in the market was spared—stocks, bonds, commodities, and even precious metals suffered a dizzying plunge.

So did bitcoin.

Its price dipped below $5,000 on March 16. Only weeks before, the currency had sat above $10,300. Crypto haters gleefully pointed out that, far from being a superior form of gold—something traditionally coveted to protect against financial shocks—bitcoin had choked in this critical moment.