If bitcoin is indeed a cryptocurrency bubble, it’s already much larger than the Nasdaq in the late 1990s, the Dow in the roaring 1920s, and silver in the late 1970s.
Birinyi Associates studied bitcoin versus 10 large financial bubbles. Bitcoin showed particular bubble-like qualities this week, surging past $11,000 before trading back at about $9,600 Thursday afternoon. It started November at about $6,500.
Of the 10 events Birinyi studied, bitcoin was third largest, behind an 18th-century French financing scheme around the development of the Mississippi Valley, known as the Mississippi bubble, and the one-day 31 percent surge in Qualcomm in December, 1999…
Read Full: Bitcoin is already dwarfing some of the largest financial market bubbles of all time