Business
Why bitcoin investors should not let their windfalls go to their heads – The Australian Financial Review
The rising popularity of cryptocurrencies seems to reflect not their own strengths but rather the excesses of the current moment.
Similarly, I have lost count of all the papers I have written and read on the supposed unsustainability of the US balance of payments and the impending decline of the US dollar.
True, these warnings (and similar portents about Japans long-running experiment in monetary-policy largesse) have yet to be borne out. But, given all this inductive evidence, I can see why there is so much excitement behind bitcoin, the modern version of gold, and its many competitors. Particularly in developing and emerging…
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