Bitcoin In 2017 ‘Has Most Elements Of Bubble’: Forbes
Forbes has declared Bitcoin’s 2017 price growth “has most of the elements of a bubble” and will ultimately burst. Drawing similarities with conventional financial asset bubbles, Panos Mourdoukoutas writes that huge adopter interest will preclude a mass exodus, leaving hardly any value at all. “Investors who have been around Wall Street long enough know all too well that when money becomes tight and investment promises aren’t fulfilled, bubbles and manias end; and millions made are lost much faster than they were made,” he wrote. “And then some.” Talk of a bubble-like scenario in Bitcoin was a serious topic even within the cryptocurrency community this year.
Bullish opinions
Opinions varied widely, with commentators such as Vinny Lingham suggesting only too rapid price growth beyond $3000 would produce the danger of extremely volatility. Others were more bullish, predicting a boom and bust cycle similar to Bitcoin’s November 2013 performance with the currency reaching ever new heights. Forbes meanwhile suggests the current status quo is one where “investor hype” is already present but mass interest and mass “mania” have yet to appear. “[...T]here’s one thing still missing to turn the bubble into mania: a broad participation beyond the ‘pioneers’ and the ‘early adopters,’ to ‘early majority’ along the Rogers Curve,” Mourdoukoutas continued. “That’s when the demand for Bitcoin reaches a cascade and turns into mania, as a critical mass of investors rush to buy ‘hot’ Bitcoins for the promise they hold -- rather than for the fundamentals they display.”
Source: https://cointelegraph.com/news/bitcoin-in-2017-has-most-elements-of-bubble-forbes
I know that Forbes is a well respected and a high quality news source, but I think they are underestimating how far the cryptocurrency world can go. We are still in the early adoption phase and the public is only waking up to the potential of cryptocurrencies and blockchain technology.
I recently posted an article explaining why the grow we are seeing in the market is not a bubble, but a natural phenomenon driven by the instability of the western political world. Read about the Elephant in the room: Is Bitcoin in a Bubble?
Bitcoin is no bubble. It replacing the dollar and everyone knows that there are billions and billions of dollars out there. Besides when the other bubbles pop there are only three places to go. Gold, silver and bitcoin.
Bitcoin replacing the dollars... surly not right now if it really cost 4$ to make a transaction in average and can take hours why would you use that for buying anything below 100$ in value.