New York Times noted that "Ever the trader, Mr. Cohen is also taking advantage of today’s active art market where new collectors will often pay far more for artworks than they are worth." Cryptocurrencies have been characterized as examples of the greater fool theory. Numerous economists, including several Nobel laureates, have described cryptocurrency as having no intrinsic value whatsoever. In contrast, in times of hyperinflation or in remote regions, the prices of necessities can be so exorbitant that relative to normal markets these prices may seem arbitrary. Yet the local cost of doing business relative to the price in these regions, as well as the necessity to feed and shelter one's self in a hyper-inflationary crisis, justifies through profit or actual benefit the "foolish" price. In these cases, there is no "bubble", even though prices are very high. See also Arbitrage Bagholder Beanie Babies Economic bubble Non-fungible token Ponzi scheme Speculation Subjective theory of value Tulip mania References Investment