I love how all the diehard Bitcoin maximalists came straight to the comments to say this analysis is flat-out wrong. I own Bitcoin, and I love and believe in it. But the points brought up in this article are crucial to consider so we can be more objective about our beliefs.
Bitcoin is displaying bubble-like activity, but it seems to be a part of its logarithmic accumulation process. The same thing has happened in its earlier cycles, just with smaller numbers (and hence, was overlooked). Now, as more people are involved, we've taken notice.
Currently, Bitcoin exchanges are used to facilitate the transfer of tokens. The vast majority of whale accounts are owned by exchanges, portfolio-managers, Bitcoin funds, and companies with an allocation.
As it stands, Bitcoin is more accessible to an average person than dollars. I wrote a research piece analyzing Bitcon's value to society, linked here:
Bitcoin has issues. Especially in the way the masses are approaching it today. But by understanding this clearly, not neglecting it, we can objectively innovate with clear-headedness and common goals.
