A new gold? Bitcoin is more like the beanie baby bubble
Have you met any Beanie Baby millionaires lately? If the 1999 hysteria surrounding the plush toys was anything to go by, there should be several by now.
Instead, all has gone quiet on the once must-have collectible front and online marketplaces and car-boot sales across Britain are flooded with the toys – with some “rare” versions once deemed “priceless” struggling to attract £10.
Of course, one person did get rich in the Beanie Baby bubble: Ty Warner, the founder and eccentric university drop-out, who found himself at the centre of one of the most bizarre consumer frenzies in recent years.
Now experts believe the short-lived Beanie boom serves as a poignant reminder to Bitcoin “get rich quick” schemers as the cryptocurrency’s price soars to record levels on a daily basis.
“Bitcoin is more like a limited edition toy than an investment,” says Zac Bissonette, the author of The Great Beanie…