Crypto mania, financial contagion, and the 'Goldilocks zone'
Beware falling for the 'first-version trap' - but also take care to avoid the dangers of unbridled speculation.
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FROM the gold fever of the 1840s and 1850s and the bicycle bubbles of the 1890s, to the bowling manias of the 1960s and the dot-com boom of the 1990s and early 2000s, our animal spirits are forever in search of greener pastures.
In recent times, the financial herd has stampeded into the field of cryptocurrency. In a Statista Global Consumer Survey early last year, 6 per cent of US respondents said they had purchased or traded cryptocurrencies in the previous 12 months. Respondents in Peru, Turkey, the Philippines and Vietnam entered the crypto market at much higher rates, from 16-21 per cent.
In Central America, El Salvador has made bitcoin legal tender and plans to develop "Bitcoin City" at the base of the Conchagua volcano. The International Monetary Fund has warned El Salvador against this course.
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