“Bitcoin’s fabulous rise … will eventually end in tears” – South China Morning Post | $4,035.36

It is a feature of all bubbles driven by the herd to find that many wise, high profile and analytical financial observers are their most ardent supporters. The rest of the crowd are blinded by greed or gripped by the fear of missing out. So it is with bitcoin.

….The fatal aspect lacking from cryptocurrencies is the backing of a central bank, which has all of the economic, military and intellectual resources of a nation to support it. …
Cryptocurrencies are going up because they are going up; they are the Kardashians of the financial world; famous for being famous. But fame does not last forever, nor do market manias. Then the very same very wise, high profile and analytical financial observers will then try to convince us that they were the first to warn us!

Eulogy made by Richard Harris


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