The second cryptocurrency bubble will end just like the first
Here we go again. Last April 1, the volume of bitcoin trading more than quintupled, to 815 million from 153 million, and its price jumped 18%. The rally was concentrated in a one-hour interval when the price jumped 21% between 5:30 a.m. and 6:22 a.m. London time.
Who let the fools out? The only plausible explanation was an article written as an April Fool’s joke reporting that the SEC had held an emergency meeting over the weekend and voted to approve two bitcoin-based exchange traded funds (ETFs). For true fools, it hardly mattered what sparked the rally. As long as prices are going up, fools will buy in hopes of selling to greater fools.
At some point, the supply of greater fools will dry up and bitcoin’s second bubble will end just like the first.
Eulogy made by Gary Smith
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