The Race to the Bottom

Bit coin satisfies some aracteristics of a bull market beneficiary. Pitcoin is off a little more than half from its 20 21 high, but others, among the thousands of crypto currency that have been created have declined much more. It's hard to imagine a full throated bull market arising in the absence of something that's never been seen or heard before. The ne new thing and belief that this time it's different are shining examples of recurring bull market themes, the race to the bottom. In short, when burning optimism takes over from level headedness, aset prices rise, fear of missing out replaces fear of losing money.