Computer, biotech, internet shares and real estate, and all crashed when excessive optimism far outweighed the more rational expectations normally associated with prudent investing.
So too will be the case with bitcoin.
As yet, bitcoin also fails as a currency in several ways.
Bitcoin is in a bubble, make no mistake. The episode, for some, will end badly while others reap the rewards of getting in on the action early and, more importantly, getting out before the bust.
Eulogy made by Ron Insana