Bitcoin is in a bubble, there is no doubt about it. It jumped off several different trend lines very convincingly. Typically, you can count on an asset to return to the trend line or even dive beneath if the jump was high enough.

But bubbles don't exist in isolation. There has to be an underlying demand for forces to come together and push an asset off the trend line. Bitcoin has a lot of demand which is increasing. The bubble has good reasons behind it, many of which are geopolitical.

I became massively bullish on Bitcoin when the government of India pulled a currency swap scam on their own citizens, in the name of protecting the people agains money launderers, counterfeiters, terrorists, and other boogey men--BOO! (idiots). The real boogey men were the corrupt government officials who found ways to cheat citizens out of cash.

Governments do these kind of scams all the time. Don't think that yours won't either. In fact the Federal Money Printing Scam perpetrated by the US Federal Reserve in cooperation with Congress, the US President, and the Courts, is worse than the Indian government has perpetrated because it is far more insidious, more difficult to explain to the average uneducated yokel, and subtle in its execution.

All of the se State-scale scams undermine the legitimacy and eventual trust in traditional financial systems.

These are the driving forces behind demand for Bitcoin and other cryptocurrencies, and were even motivation for their creation.

Yes we have a bubble, but it is just a blip on a much larger and trend that will eclipse this current bubble eventually.

I welcome and even encourage the suckers to walk away in fear. More for me.