With Bitcoin prices smashing through one milestone after another and mainstream financial institutions like CME Group, CBOE, and Nasdaq preparing to offer Bitcoin futures trading, you would think that investors would be beating down the doors to get in on the action. While many investors are rushing to jump on the Bitcoin bandwagon, just as many are shying away from the digital currency.
All of a sudden, or so it seems, Bitcoin hype is everywhere.
And that makes me anxious. It doesn’t mean you should be, it just means we’re reaching a tipping point. We’ve seen this story before.
When I think of a bubble, I think of the dot-com bust in the late nineties and the real estate crash that started in 2007. I think of people blindly pouring money into investments they know nothing about. I think of the taxi test where, if my taxi driver is telling me to make an investment in something, it’s time to get out.
Yet so far, the taxi cab drivers are not giving Bitcoin investment advice. At least not to me.
But Stephen Roach, Yale University senior fellow and the former Morgan Stanley chief …
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