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Opinion
Tyler Cowen

Bitcoin Is (Probably) Here to Stay

The resilience of cryptocurrency has a lot to do with the volatility of the real world.

What goes down must come up, and vice versa, usually.

What goes down must come up, and vice versa, usually.

Photographer: Jaap Arriens/NurPhoto via Getty /NurPhoto

In case you hadn’t noticed, Bitcoin has made a major comeback. After falling below $4,000 for much of 2018, the price reached almost $14,000 earlier this week. It’s still volatile, and fell sharply later in the week, but some Bitcoin optimists believe it will soon approach its late-2017 high of $20,000.

The obvious question is this: If Bitcoin was just a bubble to begin with, why has it been bouncing back in this manner? The answer is that cryptocurrencies, in some form or another, are probably here to stay.