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Incheon
Zenith Foreign
the 8th Language
High School
The public perceives Bitcoin as a highly effective currency, http://www.marketwatch.com/story/morgan-stanley-thinks-
but are not accustomed to alternating payment methods, nor bitcoin-is-nothing-more-than-a-poster-child-for-speculation-
are they willing to relinquish their national currencies so easily 2017-07-12
in the place of Bitcoin. Moreover, the majority agrees on the
concept that Bitcoin is no more than a speculative bubble, Charles M., Extraordinary Popular Delusions and the Mad-
an economic fad that will burst soon and disintegrate. This ness of Crowds, ed. Martin S. Fridson (New York: John
points out that crypto-currency has altogether succeeded (in Wiley & Sons, 1996) 115.
marginal amounts) in its advent and gathering public atten-
tion in introducing itself as an alternative method of dealing Sooke, A. (2016, May 03). Culture - Tulip mania: The flow-
with payment, but has failed in establishing itself as a promi- ers that cost more than houses. Retrieved on September
nent currency practical enough to take the place of conven- 15, 2017, from
tional currency. It can be deduced that Bitcoin will continue http://www.bbc.com/culture/story/20160419-tulip-mania-
on to appeal to customers only in the form of an economic the-flowers-that-cost-more-than-houses
platform to deal with transactions with low fees. Bitcoin can
also be concluded that it is a distinct form of speculation, Staff, I. (2015, September 21). 5 Steps of A Bubble. Re-
judging on its skyrocketing value and absence of a tangible, trieved on September 15, 2017, from
reliable resource. http://www.investopedia.com/articles/stocks/10/5-steps-of-
a-bubble.asp
There are some limitations to be addressed in future. The
researchers could not accumulate enough feedback on pre- Voorhees, E. (2015, January 22). Is Bitcoin Truly Decen-
cise economic terms and the concurrent trend of economics. tralized? Yes – and Here Is Why It's Important. Retrieved
Also, in regard to surveys and interviews, the term Bitcoin on September 15, 2017, from
and its usage were not yet prevalent nor familiar to the target https://bitcoinmagazine.com/articles/bitcoin-truly-decentral-
group, and fewer were using Bitcoin as a practical means of ized-yes-important-1421967133
alternative currency. Even now, additional feedback and fi-
nancial transactions are taking place all around the globe re- Weisenthal, J. (2013, March 05). This Chart Of Bitcoins Is
garding Bitcoin, regardless of its distinctive features as a Bananas, And It Looks A Lot Like The Price Of Gold. Re-
speculative method and its bubble. The researchers sin- trieved on September 15, 2017, from
cerely look forward to establishing this study to gauge the http://www.businessinsider.com/this-chart-of-bitcoins-is-ba-
initial recognition of the novel term ‘Bitcoin,’ and to form public nanas-and-it-looks-a-lot-like-the-price-of-gold-2013-3
opinion among peers to choose for themselves whether Bit-
coin can be regarded as a speculative method, or a novel Bitcoin is a Speculative Asset, Not a Currency, Says Eco-
term in economics in the burgeoning market of alternative nomics Professor. (2017, May 20). Retrieved on Septem-
currency. ber 15, 2017, from
https://www.cryptocoinsnews.com/why-bitcoin-is-a-specu-
lative-asset-not-a-currency/
Ⅶ. References
15 years of bubbles, busts and failed monetary policy.
C. (n.d.). Bitcoin Price Index - Real-time Bitcoin Price (n.d.). Retrieved on September 15, 2017, from
Charts. Retrieved on September 15, 2017, from https://snbchf.com/about/manifesto/
https://www.coindesk.com/price/

Chang, S. (2017, July 12). Morgan Stanley thinks bitcoin is
nothing more than a poster child for speculation. Retrieved
on September 15, 2017, from

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