Bitcoin's price isn't a bubble, it's an adoption curve
It’s difficult to objectively quantify Bitcoin’s adoption rate since there are too many factors to consider. Should it be the number of people holding Bitcoin? Bitcoin’s market cap? The number of brokerages with support for Bitcoin futures? The number of businesses accepting it as form of payment? A very different story can be told depending on the angle from which you look at it. Bitcoin’s market cap As a potential store of value, Bitcoin’s market cap needs to be sufficiently high for institutions and central banks to take it seriously. Governments must add some regulation around it so it has legitimacy, and a large enough portion of the general population must agree that it has inherent value. To agree that it has value, Bitcoin is very dependent on network effects such as those described by Metcalfe’s Law. ...