Day Trader’s Weekend Aftermarket Lounge 21-23 Jun 2019, page-95

I would caution people not to dismiss Bitcoin lightly. Considering that it has – whether it be through accidental genius or otherwise - developed a social compact which enforces cooperation and trust between third parties unlike anything we have ever seen before.

The blockchain significantly restricts the ability of malicious actors to undermine the system and strongly promotes consensus and cooperation. The security of the protocol is determined by the longest chain, which has the greatest proof-of-work effort invested in it. The valid chain run by honest miners will grow the fastest and outpace any competing chains.

To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the work of the honest nodes. This is nearly a decade of immutable work with incredible security. It's the perfect store of wealth during times of uncertainty.

Sure, there are problems. Transactions need some work to scale, but this is most likely going to be addressed over time. This is something new, unlike anything we have seen before in human history. Nobody really understands it. People are excited, and also afraid of it. Now that it has cracked 10k, there’s clearly no going back at this point. This literally came out of nowhere and has survived against all the odds and despite all the naysayers. If you don't see the value in that, that's on you.
Those comparing BTC to “Tulip mania” fail to understand that once the Tulip bubble burst, that was it. It was over. Bitcoin has gone through this crash/recover/crash cycle before, and still gone on to make new all-time highs. Is it really a bubble if the asset comes back to life, with better results than before? I would argue it is still in the price discovery and accumulation phase.