Quite sensible observation by M. Tillier:
Those who stand in implacable opposition to Bitcoin seem to want it both ways. “Look,” they say,” Bitcoin has dropped from over $1100 to under $250; it is obviously worthless!” Then, at the same time, they maintain that the jump up to nearly $1200 was evidence of a massive speculative bubble and had no real bearing on the actual value of the virtual currency.
Surely though, if the second contention is true then the first has no validity until we break significantly below pre-bubble levels.
Bitcoin’s value against the U.S. Dollar (BTC/USD) started that crazy two month run up from a level just below $200, as the chart below shows.
http://www.nasdaq.com/article/bitcoins-bubble-means-that-current-levels-shouldnt-be-a-concern-cm432278
