Once dismissed as fanatics, the Bitcoin bulls must be feeling vindicated. They made an accurate call on the cryptocurrency’s potential for gains – witness the staggering rally under way – and were right, at least in part, for the right reasons.

When Bitcoin was all the rage at the start of this decade, many serious investors and traditional economists spurned it as a useless fad – even a fraud. Their scorn, seemingly confirmed by its crash in 2022, persists today while the currency separates itself from the pack.