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I think the rise from less than $1 per bitcoin to over $30 per bitcoin was purely a speculative bubble, fueled by all the press/publicity. Even in the absence of global financial uneasiness I think a bubble was inevitable; maybe a lot of the interest in Bitcoin is/was driven by people looking for a deflationary escape, but I doubt it. Measure bitcoin prices in milligrams of gold (the time-tested deflationary escape) and you'll still see a big bubble and pop over the last few months.
I think it will be years (if we're lucky) before a significant number of investors look at Bitcoin as a deflationary escape from other assets.
What's your prediction for the number of bitcoin bubbles over the next three years? (measured against whatever basket of currencies or assets you like) I based my projections on "feels about right to me."