Bitcoin’s journey began in 2009 when it was initially valued at around one cent per coin. In 2010 it got to $1, and has since risen to as high as $64,000 in a journey that has been remarkable. The meteoric rise in its price has been accompanied by extraordinary volatility. The price surge, which is so dramatic that it is best viewed on logarithmic charts, has been punctuated by three deep bear markets: dropping 93% in 2010 and 2011, 83% in 2013 and 2014, and 82% in 2018 and 2019. Most recently bitcoin retreated about 50% from its highs. Part of the reason for bitcoin’s volatility is its perfect inelasticity of ... (full story)