Is Bitcoin now the biggest bubble of all time?

[dothebeats]

The thing with us bitcoiners is that we never really accept anything until it is laid out in front of our eyes. Stats don't mean shit to the most of us because bitcoin has the tendency to ignore the statistics and history and draw its own line. I am thinking that bitcoin is somehow the start of a new era of cash, and the increasing price is only a demonstration on how far this thing can go if almost all the people in the world get involved. Unlike tulips, bitcoin has its own practical uses that most of us can really take advantage of, so unless everything goes south, bitcoin in my eyes would never be a bubble.

[1713563211]

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[glowing10]

I really think that it's because of the high demand coming from new places and people who have gained interest in Bitcoin. Also, it's either because of its technology or simply the price and potential gains.

Bitcoin has now become the world news. Every news channel is talking about it because f the such huge rise that people cannot believe their is something which could be invested in and provide such a returns. Thus it seems all that it is something which should not be sustained over a long period and so they are calling it as a bubble.

[HabBear]

Yes, it is.

But the critics keep saying that Bitcoin is the bubble. Bitcoin is one piece of a cryptocurrency bubble and the only way to know for sure when it's reached is top is by looking back through history, after it happened. When this cryptocurrency bubble pops it'll flush out the garbage alternative currencies, the options that have no business model, no utility for the market. And the rest will stay. They'll likely have lower prices but they'll have survived to continue to gain value via providing the market with a useful utility.

People compare this to the internet bubble. After the internet bubble popped did companies like Google or Amazon disappear? No. They stayed viable businesses and are more successful now than they were before the internet bubble popped. Bitcoin is like Google. Ethereum is like Amazon. Both will be around for a long, long time.

[Hamstead]

I really think that it's because of the high demand coming from new places and people who have gained interest in Bitcoin. Also, it's either because of its technology or simply the price and potential gains.

Bitcoin has now become the world news. Every news channel is talking about it because f the such huge rise that people cannot believe their is something which could be invested in and provide such a returns. Thus it seems all that it is something which should not be sustained over a long period and so they are calling it as a bubble.

Because of unpredicted price of bitcoin would someone says its a big bubble at all times. But seems, is not what the community think about bitcoin. They just believe of what is happening right now and that would be possible to happen in bitcoin's journey as many of us are embracing this new technology. Understanding the situation, is not what they say is a bubble but it was an effect of a rapid growth of this investment.

[BartS]

The biggest difference is that bitcoin does in fact have an utility while Tulips do not, bitcoin can be used as a currency, yes I know that bitcoin is not the best currency when it comes to the fees but you can use it that way and second it allows you something that did not existed before, you can use a medium of exchange not controlled by governments and that is very valuable in itself.

[johnwest]

The biggest difference is that bitcoin does in fact have an utility while Tulips do not, bitcoin can be used as a currency, yes I know that bitcoin is not the best currency when it comes to the fees but you can use it that way and second it allows you something that did not existed before, you can use a medium of exchange not controlled by governments and that is very valuable in itself.

The purpose of bitcoin is this, but its not fulfilling it at the moment. We are not even using it when we want to send money to someone as a loan or gift. The fees are too high, even for those transactions.

[campica]

I just heard on local news how they said that bitcoin is big bubble , they compare it with dot-com bubble and predict the same scenario.. For them the main reason is unbelievably growing price last 2 week. They can't explain why price is growing so fast and so high. For me that is nonsense , price is going up all the time because new people coming everyday and invest in crypto world. I think that they all just jealous because they didn't invest in time like most of us did.

[jaysabi]

Part of me feels compelled to point out growth charts depicting automobiles replacing horse drawn carriages resembled a bubble. The growth of personal computers and operating system manufacturers like microsoft resembled a bubble, as they replaced more traditional paper trail based office systems.

One valid question may be whether crypto currencies represent the next evolution of banking and electronic payment systems. If a case could be made for bitcoin eventually making banking systems and electronic fiat obsolete. What we could be seeing is what happens when someone succeeds in inventing a better mousetrap. In that case, bitcoin wouldn't be a bubble, it might better be described as the future? If that makes sense.

It could come down to how much of a legitimate need there is for technologies like bitcoin. That's something that isn't easy to measure as far as I know. If there's a real and dire need for bitcoin and crypto currencies which will sustain their growth, it may not be a bubble at all.

Also keep in mind the chart which depicts bitcoin's growth could be misleading. Bitcoin reached an all time high of greater than $1,000 around 2014. A case could be made for btc trading at nearer to 10x its ATH, which could be sustainable, rather than the 40 to 60 x some cite back to around 16 months ago.

Without a chart to back this up, I'm going to challenge this first part as not accurate. Growth (as in usage?) is not the same as growth in the value of an asset. Same for computer usage. Cars as an asset class I would venture to say have never increased 70x in value (inflation-adjusted, due to the long time frame the automobile has been around) and adjusted for how much more tech is in cars than when the Model T debuted.

Fair point on the evolution of technology, but with the absolute mania surrounding Bitcoin, I'd say it's far more likely it's a bubble than a fair representation of an evolving technology that is valued based on utility. Bitcoin is pretty useless as a payment mechanism due to the transaction ceiling it currently faces and the cost of transactions because of it.  The utility of crypto as a whole and the price of Bitcoin itself are not necessarily the same thing, and it's quite unlikely Bitcoin will even be the main crypto in the future at this rate, which means the price of Bitcoin is almost certainly too high. 

[BitcoinBlack]

No one knows the real answer, we can't really say that the bitcoin is a bubble and it will burst soon, will have no value, Bitcoin is definitely here to stay, and I'm sure with this level of demand people will never let it fall below 7-8k $. Also it's not correct to compare it with other bubbles with different characteristics, because this time it's not only bitcoin, it's like a new ecosystem , crypto currency market, so everyday new money is coming in and market cap is growing and when bitcoin price starts to go down people jump on other coins so instead of one asset crashing like Tulip, there are many other side assets as parking slot. Okay we can say that whole market can crash together like .com bubble but I still can't really compare crypto to .com bubble as there were companies and profit expectations, which people really over value at that time and then find out most of them make no profit, meaningless investment.. So with Bitcoin there is no company, no owner, no one to look up or blame, we don't expect any annual return or growth, it's just a currency/commodity with a limited supply and high demand. It might be overvalued in last couple of weeks, it might correct.. but I don't think it will ever crash to zero or close..

[Chosenpai]

To think that bitcoin have stayed many years and continued to maintain its market value. I don't think bitcoin is a bubble waiting to burst.

[joebrook]

To think that bitcoin have stayed many years and continued to maintain its market value. I don't think bitcoin is a bubble waiting to burst.

Until the so called bubble burst, bitcoin should not be termed as a bubble and mostly it's those who are afraid of bitcoins or have no knowledge about how it works who keeps on saying that bitcoin is indeed a bubble but whether its a bubble or not, I think only time can decide that.

[notthematrix]

It was a bubble at 5k, a bubble at 10k, a bubble at 15k, now it's 20k, still a bubble, i guess the bubble has a good potential and it did not reach it's full potential

[Nick Abimanyu]

I guess not a bubble!.
Due to the rise in bitcoin price this time isn't completely natural, not like two month ago. But, the rise in bitcoin prices this time in controlbby thousands of large investors.

[creeps]

To think that bitcoin have stayed many years and continued to maintain its market value. I don't think bitcoin is a bubble waiting to burst.

Until the so called bubble burst, bitcoin should not be termed as a bubble and mostly it's those who are afraid of bitcoins or have no knowledge about how it works who keeps on saying that bitcoin is indeed a bubble but whether its a bubble or not, I think only time can decide that.

Bitcoin are being called bubble years ago, but if you see the price of it bitcoin continues to soar higher. Still many people are afraid to invest on bitcoin because they believe its bubble but for me if you really want to make good money then you should really take risk, the technology of bitcoin is great so I think nothing to worry.

[1Referee]

Due to the rise in bitcoin price this time isn't completely natural, not like two month ago. But, the rise in bitcoin prices this time in controlbby thousands of large investors.

Bitcoin's growth to current levels matters as long as people are willing to buy their coins at current levels. So even if it turns out to be pure manipulation, or just Bitcoin's speculative aspect playing an even more important role, it will remain sustainable with a continuous form of demand which translates in incoming funds. If we in the forthcoming weeks reach levels people aren't willing to pay anymore, we'll see the market fall back down to 'more appropriate' levels, all the way till the support is strong enough to at least maintain these levels. Other than that, it shouldn't come as a surprise that a major part of the current increase is focused on the future markets attracting professional capital. Now CBOE and CME aren't anything new anymore, we have two major things to focus on next year, and that's Lightning Network and the Nasdaq coming on board.

[Kingofbitcoin12345]

If bitcoin is the biggest bubble now then you have to sold your bitcoin holdings right away.. But no,, for the same reason most of those who think that it is a bubble don’t even believe themselves.. We may need to be complete opposite of what we stand for a better interest and that is to buy on dip and gain more profit by using this issue over and over again..

[streetlight]

I think Bitcoin is the best investment opportunity of all time, therefore in a sense, yes I do believe Bitcoin is the biggest bubble of all time. Thinking about it in that sense. Although I think we are still in 1994 in crypto compared to the dotcom boom. Why? Because there still isn't a reliable interface to use Bitcoin and it isn't liquid enough. When Windows 95 came out it revlutionized computers being used in personal envornments and we need a Windows 95 of crypto and then the bubble will truly be the biggest bubble of all time.

[jonatuzc]

Yeah. Bitcoin is now the biggest bubble of all time becuase its value is unpridectable nobody knows if bitcoin is what exactly amount reach. Bitcoin is bounceback and after that he can fly to the moon. Bitcoin is the biggest and strongest coins of all time.

You are right about the strongest coin but bitcoin cannot be compared to other bubbles from the history. In those firms, they belong to the owners, who had the management team under them for managing different things. But bitcoin is not owned by any single entity rather it is owned by everyone who has even 0.01 unit of it. For management it has its own hash algorithm which is managing its crypto side.

Now this bubble can be busted if everyone takes out his money or the miners stop mining it which seems very much impossible now. So bitcoin is not a bubble which will bust.

[fredo123]

In my opinion, Bitcoin will defeat fiat currency in the upcoming days, as we see how people become crazy in digging with bitcoins, this is sign of success, and i believe this will become a  universal currency in the future.

[xmyxqbh]

If fiat money,Bitcoin choose one ,  i choose Bitcoin. To be honest,i think its bubble .