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Tulip Bulbs for Our Time The More People Talk Up Bitcoin, the More Nonsense They Spew

Tulip Bulbs for Our Time The More People Talk Up Bitcoin, the More Nonsense They Spew

Nobody, from Alan Greenspan to some of the world’s finest financial writers, has the slightest clue why the bitcoin has soared about 9,500% this year.

“Is this a bubble in bitcoin?” the former Federal Reserve chairman asked in a Bloomberg TV interview last week. “Yeah, it’s a bubble.”

Mr. Greenspan didn’t notice the housing bubble. Now he spots a bitcoin bubble? The Maestro and his replacement, Ben Bernanke, may be part of the reason why bitcoin and other alternative currencies are bubbly. After decades of their loose monetary policies, it’s easy to foment mistrust in printed money.

Last week, Ron Paul, the former congressman and presidential candidate, told CNN that bitcoin could prove to be “the destroyer of the dollar.” Can you imagine trading all your dollars for digits in this volatile peer-to-peer electronic cash system created by anonymous computer geeks?

“There will be alternatives to the dollar,” Mr. Paul explained, “and this might be one of them.”

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This entry was posted on December 8, 2013 by and tagged .

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bitcoinvancouver2013@gmail.com

bitcoinvancouver2013@gmail.com

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