Wall street grows ever more certain Bitcoin is a bubble. I can't even say they're wrong. Flirting with $6000 per coin and low economic utility? For as dumb as Jamie Dimon sounds every time he says anything about Bitcoin, the tulip bubble analogy looks less and less inappropriate all the time.
In a note to clients published on Thursday, analysts at UBS took a long look at Bitcoin, cryptocurrencies, and the blockchain technology that underwrites this whole enterprise.
Looking only at pricing, UBS said that, a twenty-fold increase in bitcoin prices in just two years, and an absence of any fundamental economic backing, cryptocurrency prices are almost certainly a bubble.
Blockchain utility doesn't make crypto not a bubble. That'll be important to remember for people buying now expecting to make big gains at this cost basis, and there's real risk there.
At this point we can see that the bitcoin is exactly the bubble, you can see that by the end of 2017 when the bitcoin price has grown dramatically and hit $ 19800 then the bitcoin price immediately Early losses fell sharply when it reached $ 5800 last month and now has recovered to $ 7,500. But I think that with the current market situation and the economy, the bitcoin price will probably continue to decrease at any time.