I feel like one of the following is true (and I don't know yet which is the case):

- I'm genuinely a lot more pessimistic than is accurate around what is and isn't a bubble - Bubbles are just slower to burst than I expect

Possibly some combination of both. But even ignoring AI which is relatively new, it seems "obvious" to me, that whatever value Bitcoin has, investment in the asset is detached completely from that value. I'd have expected to see Bitcoin crash a long, long time ago, and have been thinking it's "just around the corner" for years and year.

And yet, the bitcoin price as a whole, although it's dipped recently, and is clearly volatile, still remains something like 10x what it's value was 5 years ago[0].

[0] https://charts.bitbo.io/price/

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FrancisMoodie a day ago | parent [-]

Something I think people forget when it comes to the valuation of bitcoin is just how much of it is used to fund illegal activities (Betting, Drugs, anything on the darkweb,...). I honestly believe much of the valuation is linked to that, but I have no source or proof.

	▲	r_lee 20 minutes ago \| parent [-]
		No... problem is that most investors are flooded with liquidity/money (thanks to QE and the rallies) thus alternative assets like Bitcoin are being flooded with liquidity (see: Blackrock BTC ETF) We only would see a real valuation if there was a sudden need for liquidations, or a loss in faith in value, which would need some kind of an event, either rapid liquidation or some sudden shift in sentiment I'm guessing it will be part of a larger sell-off in Tech and BTC will be lumped in⁶