Bitcoin prices collapse during holiday season
There are some serious things I want to cover without ruining the holiday season.
The price of bitcoin collapsed down to around $6,700 a coin this week. Why? Because bitcoin and other digital currencies are a confidence game. And confidence in its value is eroding.
Also, Boston Federal Reserve head Eric Rosengren was yapping Tuesday after a speech to the Forecasters Club in New York, expressing concerns that the Fed’s interest rate cuts were causing high asset prices and excessive risk-taking.
Back in the late 1990s, people couldn’t understand why Fed head Alan Greenspan was so worried about inflation because they weren’t looking — as he was — at “asset inflation.” Then the stock market collapsed after the dot.com bubble and they understood.
I promise to dig deeper into these rich veins — after I lose the holiday spirit.
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