Bitcoin is back! So say the true believers, even with Friday’s flash crash. But there less there than meets the eye. Bitcoin has staged a notable comeback from its 2018 crash. From a level of about $4,000 through the month of March, 2019, bitcoin had a two-day 23% spike from $4,135 on April 1, 2019
My readers know that I’m a longtime critic of bitcoin. Bitcoin rose from about $2,000 in May 2017 to $20,000 by December 2017 in one of the greatest asset price bubbles in history. I argued repeatedly that it was nothing but a massive bubble and that the bubble would probably burst when it hit $20,000.