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Where does this leave bitcoin? Yes, it probably is overvalued. A day of reckoning is likely on the horizon when the realization dawns that bitcoin has become an engine of speculation as opposed to a stable unit of commerce: the difference between being a commodity and a real currency. However, whether bitcoin will ultimately be the cryptocurrency of the future is to miss the point. Think of it this way: in 1998 web usage was dominated by Netscape, whereas in 2013 few web users have even heard of it. Nevertheless, browsers remain the epicenter of internet access. Likewise, bitcoin might well be a bubble which burns out, but it has entrenched forever the concept of cryptocurrency. In a world where governments cannot be trusted to look after our money, bitcoin, bubbles or not, is doing us all a favor, charting the brave new world of money.
http://rt.com/op-edge/bubble-trouble-looming-for-bitcoin-469/ 
