> because of the quantitative easing that has gone on since 2008, this money has caused bubbles of its own, e.g. the crypto lark is a by-product of sorts Agree

> because of the quantitative easing that has gone on since 2008, this money has caused bubbles of its own, e.g. the crypto lark is a by-product of sorts Agreed. Easy money has caused investment in many projects - including mal-investment in projects that would otherwise never have been started, over-investment in sectors that can't deliver as much as they promise. Said differently, the market is so hot that even turkeys can fly. When the market cools down, chicken will have a softer landing than turkeys, but only birds will stay in the air. A correction is due, but it is not clear to me that the crypto bubble will fare better or worse than the stock market or anything else. QE money will have inflated the market bubble. Private investor with more money than wits will have inflated the crypto bubble. Both will crash. The big question is, which one is the turkey, which one is the chicken. Back to my first question: I wonder if the people who call crypto a bubble factor in the seignorage. In the current environment, it may be a "rational" bubble not worse than the alternatives.