Individually rational, collectively insane

Referring to the Bitcoin phenomenon as a craze must, in the eyes of its enthusiasts, reflect my bias already. As a finance academic and long-time market watcher, I can’t help but see the stratospheric Bitcoin price, along with negative 10-year US Treasury repo rates (reaching minus 4.25 per cent) and how social media propelled GameStop’s rise and fall, as a collective symptom of the underlying illness of the global economic system. [PDF Link]