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American tech billionaire Joel Bomgar: Why is BTC not a bubble? Because the growth curves of the two have essential differences.
American tech billionaire Joel Bomgar detailed in his speech at FreedomFest 2024 last year why Bitcoin is not a bubble. He stated, “Historically, there has never been a bubble that drew such a curve, and all assets that ultimately changed the world have drawn such a curve.”
Bomgar points out: All classic bubbles, whether the Dutch tulip, real estate, or the internet bubble, share three characteristics:
But Bitcoin has never taken such a route. Looking back at its price history on a logarithmic scale, it rose from 5 cents to $69,000, then adjusted back to $15,000. Joel emphasizes: every drop is several times the previous low, completely deviating from the logic of a bubble, and instead resembles the long-term upward trajectories of companies like Apple, Amazon, Netflix, and even gold.
Why does BTC have value?
Joel provided three keywords: “borderless, predictable, scarce”.