Asset bubbles are a predictable consequence of monetary inflation. Speculative assets differ from most forms of gambling in very important ways: 1: they lack

Asset bubbles are a predictable consequence of monetary inflation. Speculative assets differ from most forms of gambling in very important ways: 1: they lack expiration dates (last year's lottery ticket is not gonna become a winner tomorrow night) 2: even if their value diminishes they still maintain a miniscule probability of 'going to the moon.' Mix in real stories of folks becoming overnight millionaires along with a guaranteed future check that you can use to cover needs while you are flexing your diamond hodl hands and you've got an addictive recipe to destroy any functioning marketplace. Trying to stop it thru regulations is going to net you another metric ton of complexity and unintended consequences. We live in a world of limited resources. Those resources have dynamic & personalized value depending on an arbitrary context at a moment in time. Money is the best worst abstraction we have to quantify and reason about those values. Printing more money doesn't make assigning values to things any easier, it actually complicates it by destroying the unit of account.