Bitcoin is now priced at almost a hundred thousand dollars with a total market of almost two trillion dollars. A common argument promoting investment in Bitcoin compares it to gold — a time-tested store of value and a safe haven for generating significant investment returns. How credible is that analogy, and more importantly, what is the risk that comes with it? We are in a good position to address this issue. One of us has studied the development and adoption of technological innovations for more than two decades; the other has researched the connection between innovation, analogies, and financial crises. Let’s ... (full story)