One would need to have the attention span of a newt to be surprised by what has happened – and is still happening – with bitcoin, the so-called cryptocurrency. Non-newts are immediately reminded of the tulip mania that swept the Netherlands in the 1630s. At the peak of that bubble, in February 1637, a single bulb was selling for 10 times the average annual income of a skilled craftsworker. Robert Shiller, a Nobel laureate in economics speaking at Davos, brought up the Dutch bubble when asked about bitcoin. The tulip analogy holds, he said, but: “The question is: did that collapse? We still pay for tulips even now and sometimes they get expensive. Bitcoin might totally collapse and be forgotten, and I think that’s a good likely outcome, but it could linger on for a good long time; it could be here in 100 years.”….more