Jeremy Grantham: Bitcoin Dwarfs The South Sea Bubble, My Nephew Is Obsessed With It
On Wednesday evening, we brought you Jeremy Grantham's latest letter, which purports to explain why, despite valuations that are stretched to historical extremes, stocks are set to rally further. It's the fabled "blow-off top" - the "melt-up" phase.
The market junkies among you likely read or at least skimmed the entire letter, but we're going to go out on a limb and say that our crypto readership didn't bother to even click on the post because in all likelihood, they don't have the first clue
In the era of information, access to expert opinions, charts, data, historical perspective the mind chooses to believe an alternate reality. Cryptocurrencies investors think of Galileo and other misunderstood great minds who saw the truth well ahead of the masses. Young, old and in between hope against hope that this is not a mirage but a great historical event. The mind is a fragile thing. I’d like to know where the insidious narrative came from and who spread it to the masses knowing full well that it would fire up the imagination of many. I want to know who started the the fire and who continued to stoke the flames to the levels we are observing now….I really want to know. There has been some seriously irresponsible writing and highly flawed fact-sharing on the topic.