Two comments from a 2011 thread on the deflating of the bitcoin $32 bubble that sum up the bear v bull argument.


Bear: "To answer the question in the thread title...we're going all the way down.  There simply is no reason for bitcoins to be worth more than a $1, no reason at all. Nagle has been right.  When a bubble pops, it pops all the way, and in the case of bitcoin, there's no reason for a legitimate recovery on the horizon."

Bull: "If you can only think on short time scales, you are going to eventually get screwed in the long term. At least with bitcoin, the fluctuations are due solely to participants in the market, rather than the institutions who actually control the monetary systems across the world. Over time, stability will come. Stop asking from bitcoin what it can't give you right now. The client is still in 0.4 beta. If you want true stability, invest your money in actual bitcoin businesses rather than on casino games like bitcoinica."


Not much has changed. But while past performance is no guarantee of future success, it'd be remiss not to entertain the thought of bitcoin eventually going on another run. Hundreds of millions of dollars have been invested into the future ecosystem. It may be an oft mentioned meme but when the fruits of this injection come to bear we should be seeing another bull run.