The Bitcoin Bubble That Wasn't

forbes.com 01 Mar '13, 1am

The Bitcoin Bubble That Wasn't

The first post I ever wrote about Bitcoin was in April 2011. At the time, the crytpocurrency had recently surpassed parity with the dollar. I declared it a bubble, predicting that it would never displace conventional currencies, and that therefore it could never achieve a stable value. Over the next two months, the value shot up to almost $32. Then it crashed, eventually hitting a low of $2 in late 2011. Most people, including me concluded that Bitcoin was a fad whose moment had come and gone. We expected its value to continue declining indefinitely. But then the value started rising again. I found this intriguing; people must really believe in a currency if they were willing to buy in after seeing its value decline from $32 to $2—and evidently there were hundreds of people willing to do so. I started to wonder if they had seem something I had missed. In December 2011, I a...

Full article: http://www.forbes.com/sites/timothylee/2013/02/28/the-bit...

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