Bitcoin is a global “tulip”

Thursday, 28 November 2013

The great thing about a bubble in a virtual currency is that there are so many nerds producing sexy charts to track it. The last 24 hours saw bitcoin break through $1000:

And over six months:

One thing we can say with relative certainty is that, amid a world of genteelly inflating bubbles, this one is an old school “tulip” variety mania. It’s global, is easily accessible, has no apparent limits and where it stops is anyone’s guess.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.