Bitcoin recently hit an all time high of $31.9, rebounding from the crash in 2011. Tyler Cowen points out this behavior of a currency is unusual outside war or rebellion. I’m outside my expertise on this, but I have to ask, isn’t Bitcoin an act of rebellion? Isn’t something of an act of war against all states?
Good or bad news for Bitcoin? (Marginal Revolution)
With apologies to Scott Sumner, I say Bitcoin is a bubble. Outside of war and rebellion, do “normal” new currencies behave this way?