American tech billionaire Joel Bomgar: Why isn’t BTC a bubble? Because their growth curves are fundamentally different. At last year’s FreedomFest 2024, American tech billionaire Joel Bomgar gave a detailed explanation of why Bitcoin isn’t a bubble. He stated bluntly: “In history, no bubble has ever drawn a curve like this, and all assets that ultimately changed the world have drawn curves like this.” Bomgar pointed out that all classic bubbles, whether it’s Dutch tulips, real estate, or the dot-com bubble, share three characteristics: - A single cycle - Brief prosperity - Eventually returning to zero or the starting point But Bitcoin has never followed this path. By reviewing its price history on a logarithmic chart, from $0.05 to $69,000, then correcting to $15,000, Joel emphasized: every drop is still tens of times higher than the previous low. This completely defies the logic of a bubble and instead resembles the long-term growth trajectories of assets like Apple, Amazon, Netflix, or even gold. Why does BTC have value? Joel gave three key words: “Borderless, predictable, scarce.” As the world’s first truly decentralized, globally transferable, borderless currency with a permanently limited supply, BTC possesses monetary attributes that cannot be replicated. Its rules are completely transparent, and its scarcity is embedded at the code level.