Bitcoin really worries me. I don't think cryptocurrency is a bubble, but I believe Bitcoin could be, and that its crash could cause a lot of market chaos, and h

Bitcoin really worries me. I don't think cryptocurrency is a bubble, but I believe Bitcoin could be, and that its crash could cause a lot of market chaos, and hurt a lot of people. What the general public doesn't understand about Bitcoin is that its promise was betrayed by its ruling elite. It is no longer peer-to-peer electronic cash, because it cannot scale to allow widespread peer-to-peer usage. It is increasingly becoming a pure speculative vehicle, with no utility other than as a store of value (and a very expensive to transact one at that). In other words, the advocacy done years ago to put Bitcoin into the public consciousness was all based on a premise that turned out to be a lie. The investing public doesn't know any of this. Why I say it 'could' be a bubble, rather than that it is a bubble, is that it could find utility as a form of central bank money. While the masses wouldn't be able to use it, it's conceivable that it could have enough utility to large financial institutions to maintain a very high value.