Bitcoin: Biggest Bubble in History?

A bubble, a fraud, a tulip, a magic bean factory, and a Ponzi scheme; these are some epithets people will say about Bitcoin. In a stock-market bubble leading up to the Great Depression, Irving Fisher, an economist, declared in New York Times that stocks “have reached what looks like a permanently high plateau” until a collapse of stock losing 89% of their value. Moreover, many optimistic pronouncements uttered by current 2007 and 2008 National Economic Council Director Larry Kudlow turned the table down.

Up to a great Bitcoin bubble of late 2017, John McAfee, founder of computer security company McAfee LLC, and passionate cryptocurrency evangelist wrote in Twitter that he believes Bitcoin is not a bubble yet people just simply do not understand the new mathematics of the Blockchain or did not care enough to try. Also, he believes that bubbles are mathematically impossible in this new paradigm. Until a few days later, Bitcoin’s price briefly peaked at $19,511, then plunged epically of total lost, approximately, 82%.