Bitcoin vs. Every Famous Asset Bubble in History
Every bubble in history followed the same pattern: a dramatic rise, a collapse to near-zero, and a permanent flatline. Bitcoin has been declared dead over 400 times. It has survived three major crashes — each time recovering to new all-time highs. Compare that to any bubble in the chart below.
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A bubble has a signature. It rises. It peaks. It collapses. And it never comes back. That is the definition — not the rise, but the permanent collapse. Tulip prices in 1637 never recovered. Mississippi Company shares went to zero. The South Sea Bubble wiped out fortunes permanently. The Nasdaq took 15 years to recover its 2000 peak, and many of its constituents never did.
Bitcoin has been called a bubble in every year of its existence. It has obliged its critics with crashes of 80%, 85%, 77%. And then it did something no bubble has ever done: it came back, and it went higher.
This chart does not make a price prediction. It makes a structural observation. Whatever Bitcoin is — it does not behave like a bubble. And if it doesn't behave like one, perhaps it is time to ask what it actually is.