Asset Bubbles, COVID-19 Make Bitcoin Case

Asset Bubbles, COVID-19 Make Bitcoin Case



I trained as a financial historian. My academic work focused on banks and financial markets in the past, and I was always fascinated by iconic bubbles of financial history — the tulip mania, the financial boom of the 1690s, the South Sea Company and Britain’s many financial panics in the 19th century.

I wrote a thesis on the 1847 commercial crisis. I analyzed financial returns on London’s stock market in the Victorian and Edwardian eras, and showed that returns then squared well with the first round of factor analyses developed a century later. I investigated the Bank of England’s role in the 1857 crisis, the 1866 Overend, Gurney & Company collapse and the 1890 bailout of Baring Brothers. (If you are under the impression that financial crises, government mismanagement and central bank bailouts only happened in the post-1971 era of modern monetary debasement, you are sorely mistaken).





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