As a group, speculators still need to have some underlying theory for why the vehicle they're speculating on is valuable. Almost by definition, a bubble poppin

As a group, speculators still need to have some underlying theory for why the vehicle they're speculating on is valuable. Almost by definition, a bubble popping is when speculators collectively recognize that theory didn't pan out. For BTC, probably the most likely theory is, "Bitcoin will become valuable as a currency." The world's biggest economies officially deciding that it is not a currency under their laws dealt a crippling blow to that theory.