NYT Columnist: I Was Wrong About Bitcoin. Here’s Why.

The New York Times reports:

Hoo boy, did I blow it. Today, the Bitcoin I sold for about $140 would be worth more than $15,000, and cryptomania has seized the entire world. As of this week, Bitcoin futures are trading on the Chicago Board Options Exchange, and Coinbase, the largest consumer trading platform for Bitcoin, briefly crashed last week because of a huge influx of traffic. And while experts are warning that the exuberance around Bitcoin is a classic sign of a bubble, few think it will disappear altogether even in the event of a crash.


What happened? Why did so many people — myself included — get Bitcoin so spectacularly wrong? After a couple of weeks of thinking about it, I can point to at least five bad assumptions I made.

An article worth your time.