The article was in-depth in a very theoretical sense, which shouldn't be surprising considering the author. While Erik Norland is a very respected economist in traditional financial circles, I'm betting he has less knowledge regarding cryptocurrency's than most dedicated newcomers.

Still a very good share that poses questions regarding the future of cryptocurrency markets. One thing that is missing, as I've found missing in most discussions of Bitcoin and other altcoins as bubbles is the degree of adoption. Yes Bitcoin has a $280 billion market cap, but the adoption is quite small at roughly 1% of the population. How many people have exposure to equities versus cryptocurrencies? See, we can't really compare a bear market in stocks to a bear market in cryptos currently as the latter would effect so few people. As adoption increases this will change. Mutual funds and even larger pension funds involved in cryptocurrencies will make any correction far more critical to consumer spending patterns.

The real takeaway is that we are still in the infancy of cryptocurrencies, much like 1994 in the rise of the internet era.