Today’s investor seems oblivious to whatever it was that brought us to this point in world civilization. Economic fundamentals have taken a back seat to fantasy and hyperbolae.
Case in point: Bitcoin
When fantasy takes hold, the sky is the limit. There is no logic to the price that bitcoin and other cryptocurrencies command. The arguments made in favor of these supposed “monies of destiny” may sound plausible to some. But the expectations for price exceed all fathomable rationale.