End of crypto summer in Bali islands

Harry Jacques in IMF’s Finance and Development magazine;

The Indonesian island became a base for crypto entrepreneurs, but few priced in the crypto winter.

…

Many cryptocurrency speculators with an instinct for arbitrage were drawn to the possibilities of Bali’s crypto summer, with high-end amenities at far lower cost than in San Francisco or Singapore.

Few appeared to have priced in the emergence of a crypto winter—Bitcoin fell from an all-time-high above $68,000 in November 2021 to below $20,000 in June as some exchanges paused withdrawals and alternative assets collapsed.

Charles Kindleberger who wrote the famous book manias, panics and crashes would have said told ya! Human hubris and follies never cease to surprise.