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Well if he's an expert on investments then it qualifies him to make a statement on bitcoin as an investment. You don't have to agree, or believe him, but it's pretty easy to see that many people are throwing money at it in hopes that more people continue to throw money at it.

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Sure but that can be said of any speculative trader going long on an asset. It doesn't make it a bubble.

Yeah but an equity investment has intrinsic value. Either through future earning to which as a shareholder you are entitled or to the residual value of the company if you shut it down now. You can trade it in a speculative way, and if it starts to trade at a level that cannot be justified by its intrinsic value, then we are in bubble territory too.

Of course, a bubble is something that popped so can only be defined post hoc. There's some good reasoning in this letter though.

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