This was a quote by Malcolm Macleod when talking about Bitcoin and the possibility of it being in a bubble.
He went on to say this:
"I think there is a high chance that Bitcoin is in a bubble of some kind but I hope to be wrong."
As Bitcoin smashed through the $2000 USD barrier this morning, the "bubble talk" has only intensified.
Bubbles are interesting for several reasons...
The biggest thing I remember about bubbles is that most of the time when you are in a bubble, most people don't see it. If everyone is calling for something to be in a bubble, it likely hasn't reached bubble territory yet.
If you recall, back in 2011 many experts were saying that Bitcoin was in a bubble and that it was about to crash. Well, it did eventually crash, but they were 2 years too early on that call. Bitcoin prices continued to climb and climb for the next 2 years before it's eventual 80% correction.
But hey, even a broken clock is right two times per day, right?
I could see that kind of price action repeated again here.
There is just too much money coming in from too many places right now for the price to crash any time soon.
Will there be an eventual nasty correction?
Of course, but I am not so sure we are as close to that time as many bears would have you believe. I see a long runway still ahead for Bitcoin, and cryptocurrency in general, with any dips and corrections being bought along the way.
What do you guys think?
Resources and Pictures:
https://cointelegraph.com/news/bitcoin-price-breached-2000-pundits-coin-flip-what-comes-next
