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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
by jron 9y ago
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.
- zzalpha 9y agoI disagree. 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...
- jron 9y agoSorry. What don't you agree with? I think we're saying the same thing here.
- zzalpha 9y agoLOL, so I read this statement: 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...
- brador 9y agoIt can't be "valued" higher. It's a token of exchange at an agreed price not an intrinsic return generating asset.