Comment: You are operating under the

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You are operating under the

You are operating under the assumption that BC already has a large amount of value in the market. That's not how it works. There can be no "catching up" simply because a new currency cannot enter a market where its value is already high. By saying BC is catching up, you are implying that the marketprice UNDERVALUES BC and that its real worth is higher in reality.

A new currency gets to be valuable by starting from the BOTTOM. It then has to appreciate to attain value. It cannot suddenly have a high amount of worth coming out of the gate. That only happens with fiat currencies. Marketbased currencies have to WORK to attain value.

That BC went up in worth in so little amount of time can only be described as unnatural. It's clearly not a sustainable growth, though it must be said that the current crises may be enough fuel to keep the growth going for YEARS.

Also, one must not assume that bubbles are always negative. As long as currencies can easily recover from bubbles, a bubble might actually be good for a new currency, since it increases the adoption rate of the currency within the economy. If the crises is long enough, it might even be that a large amount of the bubble is replaced with something close to 100% adoption rate, thereby minimizing the impact of the bubble bursting.

Anyways, I would reccommend that you look up the theory on how bubbles form. While centralized power can easily form bubbles, that doesn't mean that there can be no bubbles in marketbased economies. They are only less likely to happen. That is all.