Bitcoin Outlives Tulip, Dotcom, and Every Notorious Market Bubble

Just over a year ago, the price of bitcoin registered an average low of $3,120 across many regulated and unregulated cryptocurrency exchanges. A year before that, the asset was trading at its Everest value of $20,000. The 84 percent decline in the “revolutionary” financial asset allowed Bloomberg to reiterate that bitcoin, indeed, was a bubble.

However, as of December 2019, the cryptocurrency is looking to close the year at a roughly doubled rate. At around $7,100, it is more than 100 percent higher than its price from the bottom formed in December 2018 at $3,150.

Bitcoin remains a bubble – a bluffing bubble that pretends to pop but does not pop. By the time the mainstream media and every skeptic finish their hundred-word obituary about the cryptocurrency, it rises back to prove them all wrong.

It proves that beneath all the flaws, there is a story of progress. People want to purchase bitcoin despite the shortcomings presented by every trustworthy economist or investor. That…