Bitcoin has often been labeled a bubble, yet its historical performance challenges that notion. Notably, it experienced a staggering 8,900% increase before peaking in December 2017, significantly outpacing historical bubbles such as the South Sea Company and Dutch tulip craze. While traditional asset bubbles collapsed definitively, Bitcoin has demonstrated resilience, rebounding to its all-time high three years later. Despite facing challenges like bankruptcies among over-leveraged miners that temporarily halved its value, Bitcoin is now over 1,000% up since being deemed a bubble for the 67th time. This performance suggests that labeling it a bubble might misunderstand the new dynamics of blockchain mathematics, as articulated by the late John McAfee. Furthermore, reflections on Sir Isaac Newton’s financial missteps during the South Sea Company era underscore the timeless difficulties investors face in discerning market madness.

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