> Recent volatility is almost entirely related to external market factors [sic: externalaties] and not underlying changes in valuation You can't separate out c

> Recent volatility is almost entirely related to external market factors [sic: externalaties] and not underlying changes in valuation You can't separate out causes of volatility like that. A crash because of a massive bitcoin theft is no different than a crash for any other reason. The long term success of bitcoin depends on the perception of value, and if people believe bitcoin is liable to crash for any reason it will hurt it's chances. Moreover it's not even true that the bitcoin market is just reacting to trading-related issues. For example the congressional hearing had substantial effect.