Well this certainly isn’t the only reason, but a major one is that money is cheap. For example Europe has almost 18 trillion dollars of negative yielding debt.

Well this certainly isn’t the only reason, but a major one is that money is cheap. For example Europe has almost 18 trillion dollars of negative yielding debt. Interest rates in the entire western world except for America and last time I checked? Canada are returning negative yields after inflation. So as wealthy inequality climbs, and wealthy institutions have no where to put their money, it flows into riskier and risked assets chasing yield. I heard a funny quote something like: a decade of 0% real rates made the bond market your savings account, the stock market into the bond market, VCs into the stock market, and crypto ICOs into VC. It’s essentially describing how low interest rates pushed the world into riskier investments because the traditional investment class returns 0-negative in real terms.