As long as it’s not triple digits should be fine.. https://t.co/L4615YY2Ev

— Eric Balchunas (@EricBalchunas) December 27, 2017

That’s Bloomberg’s ETF guy and that’s sarcasm.

The reference there is to a list of all the risks associated with Bitcoin ETFs as derived from ProShares’ filing back in September.

Unfortunately, Bitcoin and other cryptocurrencies are on the fast track to mainstream adoption and we say “unfortunately” because you know, Bitcoin isn’t actually a real thing. If you’re new to Heisenberg and by virtue of your HR neophyte status are inclined to think our cynical assessment of Bitcoin stems from intellectual laziness or a general lack of effort when it comes to doing the homework, you’re encouraged to simply click on the “Bitcoin” section in the menu bar and scroll through the posts.

The bottom line here is that what you’re seeing in cryptocurrencies is pure, unadulterated speculation and it is not a coincidence that prominent figures from across the financial universe have issued dire warning after dire warning as this bubble (now the most egregious in the history of speculative manias after surpassing the tulip craze earlier this month) continues to inflate.

The launch of Bitcoin futures (itself a dangerous proposition as clearing these things with traditional assets sets the stage for crypto contagion) and the rush by established players to capitalize on crypto volatility in a world where trading revenues are suppressed by the enduring low vol. regime have seemingly blurred the line between legitimacy and demand. You can point to low volume in the futures as evidence of limited interest if you want, but it’s difficult to escape the conclusion that the proliferation of crypto products and the apparently imminent plunge into market making by Goldman is evidence that there’s only so many people can take in terms of watching something rise to the stratosphere before at least some “serious” people start clamoring for their piece of the pie.