Bitcoin is now valued a little higher than a major shoe company.
The cognitive dissonance around Bitcoin was understandable during the first move to $1000 but anyone yelling bubble now really needs to consider how tiny 86 billion actually is.
The cognitive dissonance around Bitcoin was understandable during the first move to $1000 but anyone yelling bubble now really needs to consider how tiny 86 billion actually is.
Let's take the American real estate bubble. According to Wikipedia:
"Total home equity in the United States, which was valued at $13 trillion at its peak in 2006, had dropped to $8.8 trillion by mid-2008 and was still falling in late 2008."
Two years, a 5 trillion dollar haircut.
The Bitcoin Bubble? For an asset that taps into capital markets across the entire globe, $86B is adorably small.
IMO, the bubble is still inflating and there is a long way to go, yet. To me, the real test will be when the next major worldwide recession sets in...
but anyone yelling bubble now really needs to consider how tiny 86 billion actually is.
As a statement that the current price means the bears were wrong and that this isn't a bubble.
I probably misunderstood! I'm still working on my first coffee...