The mania surrounding Bitcoin and other cryptocurrencies is not unprecedented. In l841, the Scottish journalist Charles Mackay wrote “Extraordinary Popular Delusions and the Madness of Crowds.” No, it was not about manic reactions to elected officials as we are experiencing today but the mania associated with get-rich-quick schemes and the frenzies they produce. The historical episodes included tulip mania of the early 1600s, the Mississippi Bubble (among other land manias), and alchemy, which is perhaps most similar to today’s frenzy of making money by making money. It’s difficult to find print media today that doesn’t feature commentary on Bitcoin, either … Continue reading—>
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