Bitcoin, Magic Bubbles And History

My son recently celebrated his fifth birthday. We had a party for him and we did the obligatory “party packs” for the children. The highlight was the bubbles. It always is. The kids ran around and showered one another in bubbles. But there weren’t as many bubbles at that party as there have been bitcoin bubble-critics, some of whom are world-renowned intellectuals.

I can’t help but look at these critics in the same way I looked at the kids at my son’s party. I don’t mean that in a condescending way. I couldn’t be condescending toward these intellectual giants, even if I wanted to be. But honestly, how else do you look at someone who can’t (or simply won’t) assume a wider perspective?

It is entirely true that bitcoin did, at various stages in its 13-year history, enter “bubble-territory” where the price was due for a major correction. But describing bitcoin itself as a bubble (in its entirety) ignores any comparison between its price history and that of other infamous bubbles.