FTX-Led Crypto Bubble Really Is the Worst of Its Kind
Investment bubbles tend to leave behind something useful when they pop. Unfortunately, crypto looks like an outlier.
Investment bubbles get a bad rap. Perhaps we should mock them a little less and express our gratitude to them a little more. Why? Because while they leave huge misery in their wake, they also eventually leave us with good things paid for by other people's capital.The bicycle bubble of 1896, for example, left us with better bicycles. It also led to a significant improvement in the quality of the roads in…