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Business Insider’s Henry Blodget and Sara Silverstein talk bitcoin, which has dipped below 16,000 after almost reaching 20,000. Silverstein says that could be because the cryptocurrency’s counterpart, bitcoin cash, was somewhat legitimized when it was added to Coinbase. Blodget notes the large number of cryptocurrency offshoots and says it reminds him of the late 90s dotcom bubble. He then highlights a recent report from investment manager and former Merrill Lynch chief investment strategist Richard Bernstein, which says that bitcoin meets all five criteria for a bubble. Blodget also says that bitcoin can be both a bubble and a profound new technology, stressing that those two things don’t have to be mutually exclusive.
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