Cryptocurrencies and the South Sea Company

Cryptocurrencies have not taken over as the new Gold Standard, but nor have they disappeared, and they have been showing something of a revival in the last few months. We are thus in a similar position to the investors of 1720, inspecting the new phenomenon of a publicly traded company whose shares take off. Like those investors, we have no track record to guide us, but now both the hype and despair are past, we can perhaps draw some conclusions on what role cryptos will play in our future.