For all the interest in cryptocurrencies, the
bitcoin market remains small, with a relatively small number of
participants expressing strong views
Nov. 15, 2017 5:30 a.m. ET
In 2017, one of the most divisive debates in financial markets
centers around the rapid rise of bitcoin.
Judging by feedback on The Wall Street Journals recent articles
about the cryptocurrency, the discussion is only getting more
True believers, emboldened by bitcoins more-than-500% surge this
year, have fervently denounced any suggestion that this is just
another financial market frenzy.
Naysayers, echoing prominent critics like J.P. Morgan Chase
Chief Executive Jamie Dimon, are sticking to the view that bitcoin
has become vastly overvalued. As evidence, they cite bitcoins
periodic slumps, such as its recent more-than-25% plunge in four
You do not understand bitcoin.
WSJ reader Ken Brody, of Clearwater, Fla.
The fevered debate has been on full view after a WSJ article and
video published last week posed the admittedly provocative
question: Bitcoin: The Worlds Most Dramatic Bubble Ever?
Your article is not only nonsenseit is wrong, Homer Luther, a
former money manager in Jackson, Wyo., who currently owns some
bitcoin as well as several other cryptocurrencies, wrote in an
email to the articles author. Your thesis is based on comparing
bubbles that you dont know anything about, and then smugly
associating bitcoin to past down markets without knowing anything
about what happened in any of them.
Bitcoin-skeptics didnt mince words, either.
I spent over 30 years investigating Ponzi schemes, pyramid
schemes, mortgage frauds bank frauds and exotic unregistered
securities swindles, WSJ reader Mark Mathosian posted in the
articles comments section. All I can say isget ready. this one will
Another reader suggested bitcoins rise looks crazy only to those
who have missed out.
Maybe youve heard the adage that a bubble is a bull market in
which you dont have a position, Andrew Scholberg, an investor in