Bitcoin is a bubble waiting to burst

For those of us with long memories and some sense of history, Bitcoin’s recent meteoric rise is both thrilling and terrifying. It has all the earmarks of a bubble.

Bitcoin Bubble. The accidental alliteration makes it more attractive, but no more or less true. It’s all the similarities with previous economic bubbles going back more than a century that convinces us: This can’t last.

In the space of a few short days, the cryptocurrency, which people mine on their powerful computers, has gained thousands of dollars of fresh value. A year-long Bitcoin value chart is the extreme version of a hockey stick curve.  Read more…

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