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Thank you for your support. Please forward this error screen to 104. Is Bitcoin just a bubble? Some people think so, in the associated video clip Joe Stiglitz says Bitcoin should be banned. Here is some FT skepticism from Jean Tirole. I used to think Bitcoin was a bubble, but I no longer hold this view.
Marginal REVOLUTION » Is Bitcoin just a bubble? Joe Stiglitz says Bitcoin should be banned. If nothing else, put all the more complicated factors aside and think of Bitcoin as competing for some of the asset space held by gold and also to some extent art. It is hard to ship, but has some extra value because it is perceived as a focal asset and one that does not covary positively in a simple way with the market portfolio.
Note by the way that gold has become less of a hedge, partly because inflation has been low and partly because China and India dominate the gold market more than a few decades ago. So new and better hedges are needed. And what a backstory Bitcoin has, making it a strong competitor in this regard. Bitcoin story, a minimalist account that can appeal to skeptics. And you can buy this story and still think the current price is either too high or too low.