Because its illogical or more importantly that the prices are the least relevant or interesting part of bitcoin bubble and to explain that dichotomy to people, think about it in this way in 2000’s 90% of all internet startups went belly up almost a trillion dollar of value was destroyed and that’s was the internet best year ! Why? Because that’s when everyone started seeing the web take off and the utility and adoption all hits the inflection points with the real explosion of mobile, the beginning of smart phones and mobile internet the web had finally taken hold and was beginning to get serious attention from business and all the first generation of internet startups blew up, but what really happened is that in the last two years of that bubble internet became entrenched in everybody’s life, year 2000 simultaneously was the internet death and its rebirth and so, that is capitalism that process of creative destruction and rebirth is the process that creates tremendous innovation and attention for things.
Bitcoin has now gone through four bubble like the last one, and in fact everybody knows about the November 2013 when it went up to 1000$ and crashed down to 230$, but what people don’t know that’s not the biggest bubble Bitcoin has ever had, two years before that Bbitcoin shot up to 30$ and crashed to 25 cents, and in relative terms that was a bigger climb and a much bigger drop and it took almost two years to recover from that and that was a the second biggest bubble because a really big bubble was when it went from a thousands of a penny to a dollar, that one dollar parity was the real birth of Bitcoin because parity with dollar was always considered unattainable, the dollar per Bitcoin was like a holy grail dream because it’s started value was basically zero as an idea that can bootstrap a global currency from nothing so when Bitcoin hit dollar parity you’ve proven that you can bootstrap a global currency from nothing and that’s never happened before, to then say that Bitcoin is dead because it goes back some while is ridiculous if you go back to the idea that Bitcoin will hit 5000$ you will probably say it’s insane, and by the way we’re not done yet at least Bitcoin will go through four to five bubbles to reach 50k or 100k Bitcoin is not going to be steady because every time attention shift back it blows another huge rise and because there’s not enough to sustain it will then revert and crash down again this a roller coaster and it’s going to continue to be a roller coaster for four or five years more just like the internet was, the big difference the internet didn’t have a single stock price that everybody could pay attention to, so it’s both a blessing and a curse it’s a blessing because there’s an investment vehicle by attracting people to speculate on it, it generated a lot of attention when it goes up it generates a lot of investment in bitcoin companies but at the same time it’s a double-edged sword every time it crashes someone writes bitcoin is now dead.
