Peak Prices: the Problems of Money Illusion and Regularity of Returns

Dear Readers,

With BTC currently breaking to new highs, people are naturally focused on possible peak price, for as we all know - Bitcoin is volatile. This article will look at the way in which the peak can be both under-estimated on the one hand, and over-estimated on the other. In the first case of under-estimation, I’ll describe the way in which money…