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What would John Maynard Keynes think of today's Bitcoin?

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I'll quote Keynes himself: “Markets can remain irrational longer than you can remain solvent.” Understand: this is a bubble. read more

Pelham Smithers Associates used the logic of Sraffa and Keynes, and futures prices on Deribit, a European derivatives bourse for the digital currency, to extract bitcoin interest rates. In a note, published on research website Smartkarma this week, they find interest rates of around 50 percent, and a market in "backwardation," a situation in which futures prices are lower than spot rates. read more

Yet there is a real downside to bitcoin and other cryptocurrencies. read more

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