An increasing risk propensity on the part of investors might lead to hazardous excesses in individual financial market segments and, as it were, sow the seeds of the next financial crisis. The hype surrounding the “internet currency” Bitcoin also has to be seen in this context.
I say “internet currency” in inverted commas, as Bitcoins do not nearly fulfil the essential criteria for a currency and are more an object of speculation, the risks of which should be fully understood by investors. Over the long term, low interest rates can also encourage excessive behaviour in the housing market.