Pumpers, dumpers and digital gold: reasons for bitcoin’s irresistible rise | Business

The more eminent financiers, central bankers and economists doom bitcoin to failure, the more it seems to rise. At the weekend the world’s most popular digital currency broke through $58,000 for the first time, meaning it had doubled in value since the start of the year.

The surge came days after Nouriel Roubini, a leading economist, had suggested that there was a “massive amount” of price manipulation in the market, with “a bunch of insiders and whales controlling the entire system”; and after JP Morgan, the American investment bank, had put out a weighty report suggesting that the true value of bitcoin was probably closer to $25,000.

Such a price would still be quite an achievement for a digital coin that was almost

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