In his speech at FreedomFest 2024 last year, American tech billionaire Joel Bomgar explained in detail why Bitcoin is not a bubble. He stated bluntly: "Historically, no bubble has ever drawn such a curve, while all assets that ultimately change the world have drawn such curves."

Bomgar points out that all classic bubbles, whether it's the Dutch tulip mania, the real estate bubble, or the dot-com bubble, share three characteristics:
- Single cycle
- Brief Prosperity
- Ultimately, it will return to zero or back to the starting point.

But Bitcoin has never followed such a path. By reviewing its price history using a logarithmic graph, from 5 cents to $69,000, and then back down to $15,000, Joel emphasizes that each drop was dozens of times the previous low, completely deviating from the logic of a bubble. Instead, it is more like a microcosm of the long-term upward paths of companies like Apple, Amazon, Netflix, and even gold.

Why is BTC valuable?

Joel gave three keywords: "borderless, predictable, and scarce".