New Age Financial Bubbles Are Forming
Last week, there were a number of events that caught my attention.
Dogecoin, a cryptocurrency which contains no value and is literally based on a meme, saw its price rise by 400%.
Coinbase, a cryptocurrency exchange platform, had its initial public offering and at one point during its first day of trading reached a $100 billion valuation. The company, which most people never heard of prior to last week, reached a market cap milestone that Uber, one of the most talked about companies of the 2010s, was unable to reach until just a few months ago. Only one of those companies has a valuation directly tied to crypto’s surge in price.
There is a publicly-traded deli in NJ apparently worth approximately $100M. It says something that my initial thought was that the NJ deli’s stock price (HWIN) was probably higher, not lower, following public awareness. I wasn’t too far off.
Coinbase, Dogecoin, and the $100 million NJ deli share something in common.
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