A Forbes contributing analyst has published his take on the “Bitcoin bubble myth,” saying proponents of the cryptoasset have been anticipating the price rally for years.
In an article published last week, Forbes crypto and blockchain contributor Pete Rizzo debated the myth of Bitcoin’s market bubble, saying the meteoric price rise over the last several months has investors anticipating a crash.
Rizzo refutes the idea that Bitcoin is behaving like a bubble asset and instead argues the charts are pointing to “genuine monetary invention” that is outperforming government money and other financial products.
Rizzo says evidence suggests Bitcoin has created a misunderstood but real economy that is establishing itself in the global monetary order.
“Indeed, over the coming year, it appears likely that one of the biggest critiques against Bitcoin – that its price is irrational and speculative – will be proven inaccurate by data that better describes it as both cyclical and predictable.”
Rizzo explained that Bitcoin was the cause of its price boom, rather than the effect, noting genuine interest in the technology. He also argued that Bitcoin existed in a market with very little outside competition, particularly from mainstream tech firms and financial institutions.
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