Bitcoin is certainly in a speculative bubble. I think Ray Dalio (the hedgefund manager who runs Bridgewater) explained this very well in this clip: https://www

Bitcoin is certainly in a speculative bubble. I think Ray Dalio (the hedgefund manager who runs Bridgewater) explained this very well in this clip: https://www.facebook.com/raydalio/videos/401164293638585/ https://www.facebook.com/raydalio/videos/401164293638585/ The gist of it is, is that if you look at the nature of the investor today, it is clear that this has become a giant speculative bubble. Investors do not understand what they are investing in. They are not sophisticated. They are not analyzing their investments. They are investing on the 'greater fool' theory. All of the above does not preclude the possibility that Bitcoin survives, is useful, and perhaps is even still long-term undervalued despite the current bubble-aspects. But the nature of the investor today means that the dynamics of the price today are currently being driven by bubble-like factors, and are almost certain to have a large (50-90+%) drop at some point. If you read crypto twitter, you will see that even the devs like Vitalik [0] and Vlad [1] are extremely wary of how much the price has risen given the level of development of the technology thus far. [0] https://mobile.twitter.com/VitalikButerin/status/940850137919836160 https://mobile.twitter.com/VitalikButerin/status/94085013791... [1] https://twitter.com/VladZamfir/status/941220330294644736 https://twitter.com/VladZamfir/status/941220330294644736