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Market manias are common occurring random events throughout history. One of the most historical was the Tulip bulb mania in Holland in the early 1600’s because it was so well-documented. It has been studied ever since as a physiological event. They created tulip futures as a trading entity and the public eventually rushed in to produce exponential speculation. When the last fool buys in, there is no one left to sell to.   I thought this chart depicted the stages of mania well. The current example of a speculative bubble building in my opinion is cryptocurrencies. My read is that it has recently reached the point where the public comes in. That could leave room for blow-off speculation yet. My bet is that the recent surge in speculative energy is the result of the approval of cryptocurrency ETFs. I see that as the trigger to the public conclusion that if the government regulators allowed ETFs, then it must be real… and investing is even “safe.”  The chart below shows the anticipation of the approval of ETFs in Bitcoin followed by the subsequent surge of investing thereafter. Every dollar put into bitcoin is speculation. There is no other reason to ever…

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