Over the past several months to a year, exchanging U.S. dollars for Bitcoin has been such a fruitful endeavor that the purchase of cryptocurrencies have entered the public consciousness and many young men in their 20s and 30s have been profiled on CNBC as well as the largest financial websites to publicly disclose their newfound wealth.
Most of the analysis focuses on whether Bitcoin is the real deal–i.e. will Bitcoin become a store of value analogous to gold or hard metals, and then appreciate against other currencies due to a projected lower inflation rate?
Less attention has been dedicated to analyzing the psychology and cultural backgrounds of the individuals that are drawn to trading Bitcoin and other cryptocurrencies. What conditions have allowed this speculative bubble to flourish?
For the longest time, I was always amazed by the fact that people got so caught in the dotcom bubble of the 1990s. … Read the rest of this article!