As I write, the price of bitcoin just smashed through US$10,000, and has pushed up through US$11,000.
That’s amazing when you consider it was just US$300 in January 2015. At the beginning of 2017, it was just under US$1,000.
And it’s not only bitcoin that’s on a tear. Dozens of crypto tokens are up hundreds of percent over the past few weeks.
Now, we’re seeing a lot of self-congratulatory backslapping from crypto investors. Folks talking victory laps, bragging about their returns. Hubris.
This makes me uncomfortable.
It’s easy to feel like a “genius” in a raging bull market. But make no mistake, markets don’t go parabolic forever…