Joe Kennedy was a wealthy Wall Street investor in 1929, and he famously said he exited the market before the crash when a shoeshine boy started giving him stock tips, as there were no more "greater fools" to join the party.
Over the last few weeks, I've taken more questions about Bitcoin than any other topic this year - seriously!! An Uber driver told me he had bought a Bitcoin, he watched the market every day and he was making more money than driving a car.
Apparently, the only way is up.
On Tuesday last week, Bitcoin became the "largest bubble in the history of the world", surpassing the tulip mania of 1634-1637. I have no idea what tulip mania even was , just like I have no idea when this new mania will end.
It was called a bubble at $1,000 so what is it at $20,000? Holy smoke, the price was just $3,200 in September.
Quoting the Zero Hedge newsletter reporting this historic moment:
"We just wanted to experience a moment of true zen serenity, knowing that we now stand in proximity to an asset bubble the magnitude of which has never before been observed by humanity. Thanks central banks!"
Want to know more about Bitcoin and crypto currency in general.
Here is a pretty good explanation