The only Bitcoin Bubble is the number of people saying Bitcoin is in a Bubble.
Curious how financial institutions never admit to a “bubble” in markets in which they have financial interests or exposure. Which bank predicted any of the housing bubbles in the past? Even if they saw one, they wouldn’t say anything because it would dampen the demand for mortgages. However, these same institutions are eager to through around the Bubble scare on to markets where their exposure is small. When banks point to Bitcoin and cryptocurrencies as being in a bubble, it’s almost diagnostic that we are on to something here. They are scared and they have every right to be.
There are over 19 million bitcoin wallets worldwide reside small and large amounts of the 16.7 million bitcoin in circulation. Despite the complexity of Bitcoin, people in every county on the planet are embracing and contributing its use. Financial institutions along with some countries with whom they conspire, and have forfeited the trust of their customers and citizens. Bitcoin did not create that loss of trust, what Bitcoin has done is to expose the intensity of that lack of trust.
Head-fake
There is no pushing this toothpaste back into the tube. Bitcoin’s success is organic, emergent, distributed and trustworthy. People who initially acquire bitcoin have done so for a lot more than speculation. The pejorative use of “Bubble” is nothing more than diversionary cover, a head-fake, to divert your attention to something truly profound going on across the globe. Labeling bitcoin as being in a bubble provides an excuse for not applying the required effort to discover what bitcoin is all about. Don’t fall for the head-fake.
