Shouldn't an Economist at the NYU at least be smart enough to factor out the monetary supply? Would sure be nice to see someone in such a position making educated assessments rather than spreading propaganda or bullshit statements that don't hold under scrutiny.
https://twitter.com/Nouriel/status/962479746444652544Re: Bitcoin is the biggest bubble in history. Glenn Beck even did a show about it.
All they factor in is percentage rise, not market cap. Beck said that when the bitcoin bubble bursts it would be worse than the dotcom bubble and the housing bubble combined. Silly because there are so few people affected.
If you want the biggest bubble in history I have one that is bigger.
My brother had an ice cream cone when I was a kid. I told him I'd give him 1 cent for it. He said no. At that point the price per ice cream cone was $.01. Then I offered $1. He said no. So I offered him $10. Knowing I didn't have that much money he again said no. I then offered him $1 million for the ice cream cone. He said I don't have that much money. So I said I have 50 cents and offered him 50 cents for it.
In the span of 5 minutes the price of one ice cream cone went up millions of percent and then the bubble popped and crashed. That was the biggest bubble in history. It should be recorded. The economic impact was felt for years after that, the recovery felt by all.
