Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative.
The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers.
In a paper written in the fall of 2017 and published on the Social Science Research Network (SSRN) on Friday, January 12, 2018, Credit Suisse’s Dietmar Peetz and Gregory Mall argue that the boom in the initial coin offering (ICO) market is the clearest indicator of a bubble in bitcoin.
Recently, bitcoin hit a new all-time high above $11,000 before its price corrected, and subsequently started clawing back to $10,000.
Legendary billionaire hedge fund investor Mike Novogratz stated that there may be a bubble in bitcoin in certain regions but the cryptocurrency itself isn’t a bubble.
As CCN previously reported, Novogratz noted that bitcoin and the cryptocurrency market could become the biggest bubble “of our lifetimes.