Charts: Bitcoin vs. 10 of The Biggest Bubbles In Human History
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Bitcoin. It’s the raging topic at every financial media outlet in the world, the center of every “currency collapse” conversation from London to Tokyo, and I personally can’t open a page of Twitter feed without seeing the word at least four times.
It’s either humankind’s first digital “free-market” currency here to rescue us from the evils of central banking, or it’s shaping up to be the next biggest bubble in human history.
Looking at the price action of Bitcoin, it’s difficult to resist the idea that this isn’t another tremendous bubble. The price of Bitcoins are skyrocketing to nose-bleed levels, and I’m getting flooded with messages on why I should be taking them more seriously—for the simple reason that, “Everybody else is, and if you don’t, you’re going to miss the next biggest thing, etc, etc.”
While I’ve decided to stick with my sovereign paper money for now (which may also go to zero someday), I thought it would be interesting to take a look at the price history of Bitcoin when compared to ten of the biggest bubbles in human history.
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