Risk is running rampant in financial markets. Stocks trade at dot-com-era valuations, the IPO pipeline is full, SPACs are back, Bitcoin’s headed toward a record. And right on cue, here come the crypto opportunists.
Fueled by a spike in speculative appetite, cryptocurrency entrepreneurs are offering new digital coins at a torrid pace reminiscent of the Bitcoin boom three years ago. Among the freshly listed: Porkchop, Davecoin, Spaghetti, Newtonium and Whale. Many have no obvious utility, but investors have poured billions into them up in hopes of riding one to an easy profit.The world of crypto has always attracted peddlers of get-rich-quick products when fans of rewiring the global financial system start buying into a new idea. In 2017, it was Bitcoin and the end of fiat currency.