by Although I had written a couple of theoretical articles some time ago, I have largely ignored cryptocurrencies. However, there has been enough newsflow about them that I decided I could do a drive-by comment. In case one wants an investment recommendation, all I can say is that the underlying problems they face are straightforward, I have no way of knowing the timing.The thing I find most interesting is that attention has switched to Dogecoin, which is a meme coin. The reason why this has happened is solely based on the fact that its price rose by more than Bitcoin. This deflates much of the propaganda being emitted by Bitcoin enthusiasts, who insist that Bitcoin will replace fiat currencies and lead to a libertarian economic utopia. Instead, most people are buying it because the price
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Although I had written a couple of theoretical articles some time ago, I have largely ignored cryptocurrencies. However, there has been enough newsflow about them that I decided I could do a drive-by comment. In case one wants an investment recommendation, all I can say is that the underlying problems they face are straightforward, I have no way of knowing the timing.The thing I find most interesting is that attention has switched to Dogecoin, which is a meme coin. The reason why this has happened is solely based on the fact that its price rose by more than Bitcoin. This deflates much of the propaganda being emitted by Bitcoin enthusiasts, who insist that Bitcoin will replace fiat currencies and lead to a libertarian economic utopia. Instead, most people are buying it because the price went up. The doggy coin price went up? Well, buy that one.…
The greater fool strategy.
Bond EconomicsCryptocurrency Short Comment
Brian Romanchuk