Exploring the Bitcoin Bubble: from February to Now

I think the argument that Bitcoins will ultimately have some nonzero value is fairly sound under certain assumptions, namely (a) the crypto doesn't get broken; (b) governments don't outlaw it. If Bitcoin turns out to be useful, people will want to keep a certain amount of it on hand so they don't have to continually trade in and out of it, with the attendant fees.

That doesn't mean, however, that a bubble hasn't formed or will not form. Speculative bubbles take on lives of their own, and can drive the market price well above the true value, as we've all seen.

Well reasoned article.

wouldn't touch it with a ten foot pole