Summary of “Bitcoin Is the Most Obvious Bubble of the Modern Era”

To call Bitcoin the biggest and most obvious bubble in modern history may be a disservice to its surreality.
In a way, the emergence of cryptocurrencies is akin the dot-com era, because there is no perfect comparison to illuminate the “Real” value of something like bitcoin.
How can one be so sure bitcoin is a bubble if we don’t even know what the proper comparison is-dollars, silver, Beanie Babies, or the Internet?
For the people downloading these apps, bitcoin probably isn’t a philosophical bet on the future of money and society’s relationship to the government, says Christian Catalini, a professor of technology at MIT Sloan School of Management, whom I have spoken to often about bitcoin.
Many of these accounts have held bitcoin for years because they believe fervently in its value.
If the bitcoin bubble crashes, it likely won’t spill out into the general economy, like the subprime mortgage crisis did one decade ago.
Smaller bitcoin bubbles have inflated and deflated before, without any macroeconomic effect.
Bitcoin’s last few weeks are the real-world definition of a speculative bubble.

The orginal article.