As you’ll see if you read my article on Bitcoin and other cryptocurrencies, you’ll discover that Bitcoin et al aren’t actually used for any significant trades anywhere. Bitcoin’s value is a function of momentum investing, which is what gave tulips, the South Sea Company, etc. their “value” too. Until the bubble burst. But what we know about bubbles is that they depend on people thinking that “this time it’s different” and I am old enough to know that there’s no way to change mob mentality. If there were, bubbles wouldn’t occur in the first place. Good luck with getting out of Bitcoin assets before, rather than after, the inevitable crash.

Anyone who enjoys my articles here on Medium may be interested in my books Why Democracy Failed and The Praying Ape, both available from Amazon.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store