The price of bitcoin continues to surge, defying critics to set a new all-time high of $4,500 this week, many people thought Bitcoin was in a bubble but they are starting to change their mind.
I personally think Bitcoin is not in a bubble.
The growth has been tremendous and is not completely natural, but that does not mean we are experiencing a bubble. The bullish speculation and “hype” surrounding the coin are driving the price higher than it maybe should be, but there are still enough factors to support the valuation.
John McAfee has stated that bitcoin critics will point to temporary bitcoin price declines as “proof of their understanding,” but “it won’t matter” in the end. The blockchain revolution will not be stopped. “Those who understand” the revolutionary potential of cryptocurrency, he says “will be the leaders of this new world.”
He also says it is very likely that bitcoin is not in a bubble, but rather in a tipping-point to reach a new plateau of acceptance and valuation. A plateau between3,500 and 5,000 USD.
This video explains the situation perfectly:
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