Every day we see Bitcoin make a new high in price. As we observe this phenomenon we have to ask ourselves, "Is this the latest DotCom style bubble ready to pop, or is this cryptocurrency here to stay as the currency of the 21st century?" This is a tough question to answer. On the one hand, we see central banks throughout the world, print money at an incredible pace. If we look at combined balance sheets for the Federal Reserve (FED), European Central Bank (ECB), Peoples Bank of China (PBOC), and the Bank of Japan (BOJ), we see that they have grown by about $12 trillion to $18.4 trillion since 2008. This is the greatest monetization of debt in recorded history. The assets on the combined balance sheets have tripled in just 9 years. Just think about it. It took the world a few hundred years to create $6.5 trillion. Modern central banking did that twice over in the blink of an eye.
