Bitcoin let's you send peer to peer payments online without going through a financial institution; that's what the whitepaper says it was designed to do, and th

Bitcoin let's you send peer to peer payments online without going through a financial institution; that's what the whitepaper says it was designed to do, and that is what it does. We can all agree on that. I think everyone can also agree that there is some utility in that capability. The question now becomes, what is the relationship between that utility and the quantity of bitcoin owned? I think the answer is clear: there is none, and based on that, I think it's safe to conclude that this gigantic rally based on a desire to own bitcoin is very likely a bubble.