There are bubbles, there are bad investments and then there’s Dogecoin.
That’s the Bitcoin parody that launched in 2013 in homage to the particularly silly meme of Shiba Inu dogs saying syntactically challenged things. Now, if none of that makes sense to you, don’t worry: You’re normal. The point is that this was a joke about a joke. A way for the technologically savvy and the self-consciously hip to show that they were aware of all Internet traditions, and tip each other for their online witticisms. As is often the case, though, the line between irony and sincerity eventually became so blurred that what was originally supposed to be a worthless currency was valued at as much as $2 billion a few days ago.
It’s just a small part of what might be the biggest bubble in history.
That, at least, is what Bitcoin and all its assorted imitators look like right now. Indeed, in the past year, Bitcoin has gone from being worth a little less than $15 billion to a little more than $225 billion. And that’s despite the fact that it still works so poorly as a payments system that people won’t even accept Bitcoin at an upcoming Bitcoin conference.