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RE: Bitcoin Bubble Popping, May Cause the Biggest Financial Crisis Yet
While I agree with the sentiment of bubble-like, the "crisis" from cryptocurrency popping will be relatively muted. A total market cap of $200 billion max isn't a lot. Compare that to any other major asset which is valued in the trillions: that's 3 orders of magnitude in difference.
you should see some of the webinars occuring on this. groups of solo-preneurs totally deluding themselves and large numbers of followers based on the fact the coin is just going up at the moment. many people are buying in and not even owning the private keys themselves, just getting in on the bubble. It does appear to be now something like the Tulip bubble only as ZHedge pointed out exponentially far bigger than any bubble to date . will be interesting to see what happens. there will be some incredible stories at the other end of this road. not all good.
Exponentially faster, not exponentially bigger. The Chinese stock, listed in ZH, is approximately $3 Trillion. That alone is 1000 times larger than all cryptocurrencies. If there is a pop in crypto it will be like a large enterprise going pop. Albeit large enterprises tend to be owned by pension funds etc, arguably crypto is (almost) only owned by private investors and not in large funds. So naively, I expect the knock-on effects to be relatively muted.
lets hope so. see you next year. be interesting to see when the price turns, maybe it will just keep rising forever and everyone will make money out of it.