I haven’t written on bitcoin for a while despite it going nuts:
The reason is very straight forward. This is a global ponzi scheme and that’s the end of it. As a super-national currency, the only appropriate comparison with bitcoin is gold or other hard assets that hold their value when sovereign paper money does not. Is that going to happen with bitcoin if we reach some at which sovereign currency loses all value? Nope. It’s going to be worthless as well.
As well as that, the regulatory risk is enormous. Folks are putting this latest bubble down to a flood of Chinese dough after its recent tightening hit stocks and bonds:
You don’t have to be Einstein to see that a super-national currency like this fundamentally undermines the power of authoritarian states like China, not to mention liberal democracies as well. If you can tell me where that risk leads then you are Albert Einstein.
Play it, own it, do what you like with it, but always remember that it is nothing more that an intrinsically worthless global pyramid scheme that could collapse at any moment.