Noah Smith, Columnist

Lessons on Bubbles From Bitcoin

Until there is a way to bet against an asset, its price will be set by the most upbeat buyer.

April 10, 2018 at 3:48 PM UTC

Noah Smith is a former Bloomberg Opinion columnist. He was an assistant professor of finance at Stony Brook University, and he blogs at Noahpinion.

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The recent Bitcoin bubble wasn’t the first, and it might not be the last. Once in 2011 and twice in 2013, the price soared and then crashed:

And again: