07 Nov '13, 1am

The Bitcoin Bubble

The Bitcoin Bubble

We’re back, baby! Bitcoin’s price has taken off again, forcing some to defend the value of the currency as utterly un-bubblish. This becomes a humorous exercise. The finance nerd community (of which I’m not nearly good enough to be a member) is done talking about the Trillion Dollar Coin for now, so it’s back on the Bitcoin bus. Bitcoin is trading at record price points, currently clocking in at around $264 USD per coin. To put that price point in perspective, in April Bitcoin spiked to around $237. It then fell all the way to around $69 in July. And now we are back north of the $200 mark, rapidly approaching the $300 ceiling. People keep saying this isn’t a bubble , and it confuses me. Of course this is a bubble. It’s a far too rapid increase in the price of a financial instrument that is unmoored from any inherent value that is being bid up by aggressive individual specu...

Full article: http://techcrunch.com/2013/11/06/the-bitcoin-bubble/

Tweets

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