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RE: Bitcoin was NOT in a bubble – the 2017 rise and the 2018 consolidation (Chaos Monitaur–34)
However, I'm not sure if those booms and busts were caused solely by FOMO and FELM. Over the past years, I've met many people who have FOMO, but that has not caused the price to rise.
I strongly believe that mentioned FOMO was obviously caused by mass media, which talked about crypto and bitcoin all the time and brought fresh blood into the market. wouldn't you agree?
We were all played by mass media.
Cheers
Piotr
I'm not sure if that is so. One reason is that I rarely follow any news in the mass media. ☺ Also, the bitcoin price has experienced several spikes, even when it was less than #10. Surely, back in those days, the spikes were not the result of a media focus or media exaggeration.
Most likely, the 2017 spike was partly owing to the fact that bitcoin is becoming better known. And, of course, once it surpassed $10,000, the media started covering it more and more. That may have played a part in the spike, but I believe it was a secondary cause.