No Bitcoin isnt even close to being a bubble. There is so much development going on this blockchain it is amazing. It still have the most developers and the biggest name recognition. That attracts a lot of interest.
We are going to see the bitcoin blockchain continue to grow which adds value to the token. Also, once Wall Street starts to enter the market, you will see a ton of new money come in.
Bitcoin will reach bubble stage yet it isnt even close to it yet.
Yes I tend to agree, I would say this is the start of a bubble.. but a bubble it is!
It is always interesting to ponder what a "bubble" is and what people mean. What are the parameters that define "bubbles"? An asset that is overpriced I would say is central. Hence we get into valuations which is always a difficult art. Then we move into the question of how much overvalued does an asset need to be for bubble consideration? 10%? 25%? 50%?
People were claiming that BTC was a bubble when it passed $1000...and $3000...and now $7000. Were the first two wrong? Or were they right and that was the start of a bubble. By that view, BTC can be in a bubble from $1000 to $50000.
Another interesting aspect to all this is bubble is a term used in financial arenas, not in technological arenas. Bitcoin is a technology....it is IT derived. Hence it follows the technological S curve as opposed to financial charts. I know people are trying to make the correlation (like with the dotcom boom) but it really might not apply.
Blockchain technology is about to explode. We are at the beginning stages of a technological revolution that will change many facets of society/business. Bitcoin is a central aspect to all this. There is still more development taking place on bitcoin than any other single blockchain. And the publicity bitcoin gets from the token only draws more developers and entrepreneurs to the chain.
In the end, will the price of the token pop? I dont know. It seems anything Wall Street gets involved in gets over heated. However, over the next 5 years we will see a ton of innovation from bitcoin (and other blockchains).