- The popularity of trading Bitcoin has now reached the point where none other than the New York Times sees fit to declare cryptocurrencies, or more specifically initial coin offerings, “The Easiest Path To Riches On The Web.”
- Not to be left out, CNBC published a brief tutorial on trading crypto with your smartphone and MarketWatch featured a teenage bitcoin millionaire who now forecasts a $1 million price target.
- These are exactly the sort of headlines and stories that characterize a speculative mania otherwise known as a “bubble.”
- What makes the “initial coin offering” craze that much crazier than the day-trading mania is that these are essentially nothing more than very thinly-veiled ponzi schemes.
- Like every bubble (or ponzi scheme) they’re counting on a greater fool paying an even more insane price so they can realize a profit.
@YahooFinance: “Yes, Bitcoin is a bubble and it’s about to burst by @jessefelder” open tweet »