Did we forget about the shoe shine boy?

Let us take a brief step back in time to the 1920s, when there was no regulation on Wall Street and stocks soared on wild speculation. Days before the crash of 1929, Joe Kennedy sold his entire portfolio. How did Joe Kennedy know the stock market was going to crash? In his own words, when the shoe shine boys are giving you tips, “the stock market is too popular for its own good.”

My friends, the shoe shine boys are telling us to buy Bitcoin. Your coworkers, your high school friends, your physical trainer, everyone is invested in Bitcoin or some form of Cryptocurrency, and everyone can justify their investment. With the unbelievable growth in the price of Bitcoin it is hard to argue against investing in it, except for the fact that the growth is driven off speculation, and not the promising Blockchain Technology at its core.

They say history is doomed to repeat itself, and in Bitcoin I see the all too many similarities of the unregulated and speculation driven stock market of the 1920s. The price of Bitcoin dictated by rampant speculation from the “common man” foretells its inevitable crash.