I still think Moldbug has by far the explanation of the increasing moneyness and price of bitcoin: http://unqualified-reservations.blogspot.com/2013/04/bitcoin-

I still think Moldbug has by far the explanation of the increasing moneyness and price of bitcoin: http://unqualified-reservations.blogspot.com/2013/04/bitcoin-is-money-bitcoin-is-bubble.html http://unqualified-reservations.blogspot.com/2013/04/bitcoin... So when people say bitcoin is "bubble" they are essentially correct - although the condescension is usually misplaced. All money is a bubble in the sense that its reservation demand is far higher than its use value warrants. This is true for the dollar, and it's also true for gold, which also has a large element of "moneyness".