The common penny stocks of these two appendages of the state, Fannie Mae and Freddie Mac, are up over 600% in the past year, generating huge gains for the likes of Bill Ackman and John Paulson. Bitcoin is up a paltry 50% LTM. Indeed, much like old fintech stocks such as PayPal (PYPL) and Block Inc (XTZ), bitcoin seems to be losing the special novelty that always seems to drive these manic stories. Is bitcoin now just another boring Wall Street ETF?
