WSJ What’s News An Economy Built on Speculation—for Better and for Worse
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Oct 19, 2025 Speculation has shaped the American economy from post-Revolution land mania to today's NFT frenzy. Host Katherine Sullivan dives into how Beeple's NFT sales sparked discussions about digital art's value. A historical look reveals how narratives shaped 18th-century land bets, particularly Robert Morris’s ambitious investments, which ultimately fell victim to harsh economic realities. The podcast also examines the connection between speculative bubbles and innovation, highlighting the dynamics of modern markets driven by FOMO and herd behavior.
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From Passion Project To $69M Sale
- Mike Winkleman (Beeple) turned two decades of digital art into a $69.3 million Christie’s sale after minting NFTs and marketing them during 2020–2021.
- He described the experience as surreal and warned publicly that the NFT market looked like a bubble.
Speculation Fueled Early Expansion
- Land speculation after the Revolutionary War shows early America’s faith in endless growth and settler expansion.
- Big bets on territory often ignored Native occupancy and economic realities, producing busts like Robert Morris's collapse.
Financier Falls From Grace
- Robert Morris amassed over 6 million acres and bought land on credit expecting rapid settlement that never came in time.
- Creditors called loans, many speculators defaulted, and Morris ended his life in debtor's prison.
