It started the year under $1,200. He's not being sarcastic, this is a very volatile currency.

The reason is, it's not so much a currency as a store of value that is simultaneously benefiting from global bad monetary policy and the cycles of technology adoption.

I don't even think Bitcoin has crossed the chasm.

It's a new asset class.

No, his numbers are correct. The drops always settle higher than last "crash"'s peak. How long it will continue is anyones guess.. I think It goes on for quite awhile longer. BTC will eventually get expensive very to create but if the network is being used those creators should have lots of fees to help cover their work. If they don't then they're going to stop mining.