The craze among celebrities for Bored Ape NFTs suggests speculation has become completely detached from any idea of fundamental value.
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As a young investor, the founder of modern macroeconomics John Maynard Keynes might well have bought Bitcoin. The older Keynes would not have. It’s instructive to examine why.
The fact that Canadian house prices have risen far beyond rental rates tells us that it’s due to financial factors alone — not a lack of supply. House prices are asset prices.
