Bitcoin a worst case scenario bubble – MacroBusiness

Louis-Vincent Gave at GaveKal:
There are two kinds of bubbles: bubbles in productive assets like railways, and broadband lines, and bubbles in scarcity assets like tulips and gold. In turn, these bubbles can be funded through equity, or by debt. The best kind of bubble is in productive assets, funded by equity and the worst kind is in unproductive assets, funded by debt, especially if the leverage is hidden.
In 2008, total sub-prime mortgage loan losses were estimated by the OECD at about US$350bn….

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