So we hear bitcoin is a bubble over and over. I was reading a book regarding bubbles and his take on them were fascinating. His argument was that the biggest leaps in innovation come through the speculation, exuberance and floods of money that bubbles produce.

Once popped we are left with cheap infrastructure that can be snapped at a huge discount with companies with the same goal. Because the costs are so much cheaper it makes it was easier to operate long term.

We are also left with what he calls infrastructure of the mind. With all the hype and competition we see during bubbles the levels of marketing and advertising we see leave an imprint in the average consumers mind and this mental infrastructure doesn't disappear when the bubble bursts and once the pieces are picked up this is when you see the true valuable businesses appear out of the ashes!

Does this argument have any value in your opinion?