There is just one problem, while I can't tell if bitcoin is a bubble, I can definitely tell that the US dollar is a bubble. How can I tell that? Because all US dollar markets are in a bubble. The massive PE on stocks is implying a stock bubble, the near zero interest rates in the bond market is implying a bond bubble, subprime auto and subprime credit cards, more bubbles, home cost to rent ratios, another housing bubble, student loan costs compared to the job market, a student loan bubble. All these bubbles are really the same bubble, a US dollar bubble. Is he implying that people should move out of bitcoins into US dollars? Bullshit. Maybe into gold or silver, which from what I can tell are the only markets not in a bubble.

Anyhow, bitcoin could be a bubble, but it could just as easily be society moving out of the US dollar to a more trustworthy currency as the US dollar bubble pops. In that case, you ain't seen nothing yet, bitcoin could go to $500,000. In fact, it indeed does look more like a currency shift. Typically bubbles are characterized by insane amounts of leverage and debt, something I have not seen indications of in bitcoin markets. Just because the price of something goes up, does not make it a bubble.