The WSJ generated a neat little chart that put the rise of Bitcoin this year into context by dropping it in a timeline with other speculative bubbles.
One of the joys of longevity is I remember all of these bubbles and have participated in all bubble since the 1980’s stock market boom and the life lesson I took from them all was that bubbles are good for wealth creation but are perfect at wealth destruction. The trick seems to be in having an exit plan and for there to be sufficient liquidity for your exit plan to be viable, as everyone rushes for the same door liquidity risk becomes a preeminent concern.
