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> The second reason is that, with each boom-and-bust cycle, it becomes clearer crypto is not a bubble like tulip mania in the 1630s or the craze for Beanie Babi
by ephbit 3y ago
> The second reason is that, with each boom-and-bust cycle, it becomes clearer crypto is not a bubble like tulip mania in the 1630s or the craze for Beanie Babies in the 1990s. Although bitcoin is a volatile asset, its price history looks more like a mountain range than a single peak, and appears closely correlated with tech stocks. Yet it is only moderately correlated with the broader market. An asset that swings up and down, and not in parallel with other things people might have in a portfolio, can be a useful diversifier.
> That bitcoin has established itself as a serious asset seems to be the source of the latest surge.
If this doesn't sound like some naysayers finally turning around in order to not look too stupid later in retrospect, then what?
- AndrewOMartin 3y agoI don't know what it is, but to answer your question: This could be people who were either burned so badly that they're not abandoning their assets due to a sunk-cost fallacy, or those who think they'll benefit from another round of pump-and-dump.
- frodowtf 3y agoAs long as casinos are a thing, Bitcoin stays a thing.
- sph 3y agoAs long as people in embargoed countries need to transfer wealth, Bitcoin stays a thing. A piece of technology that is completely out of reach of any government. Makes me shed an anarchist tear of joy.