In 1929, Ludwig von Mises rejected a job offer for a high position at the Austrian bank Kreditanstalt. He believed that a great crash was coming and didn’t want his name associated with it. Since then, economists of the Austrian school have successfully managed to avoid association with any economic crash. To prevent association with future crashes, Austrians should now warn about the Bitcoin boom, which has reached new heights in 2021.
It’s indeed impossible to deny the success of Bitcoin as an investment. No asset in world history has appreciated faster than it, apart from perhaps other cryptocurrencies. It boasts a market cap of about $1.1 trillion, with the total market cap for all cryptocurrencies being close to $2.5 trillion. It has created huge fortunes for early investors and even many latecomers. The scores of economists and pundits who predicted its imminent collapse have been proved wrong.