From a peak of US$19,783, Bitcoin's value has fallen by 80%. What makes Bitcoin worth anything?
Bitcoin's rise and fall to date already makes it one of the greatest market bubbles in history. In turbulent times, some have suggested it as a substitute for gold, but it lacks some vital attributes.
Evidence of past price manipulation of bitcoin and the just-launched Justice Department investigation highlight the need to take steps against cryptocurrency fraud.
Bitcoin is being compared to tulips, but I researched tulip mania for years and found no evidence of mass bankruptcies or economic meltdown.
The odds are that we get through 2018 without war, mass capital flight, or a housing crash. But all the risks are medium probability, and the consequences could be dire.
If Bitcoin is a bubble, it will be because its price rises are too great and can't continue. If it isn't, it will be because the Bitcoin market is still expanding. We just don't know which one yet.