Bitcoins - Bubble or Bust?

Over the past few months their has been a lot of hype about bitcoins, a computerized currency poised to dominate world industry, a replacement for the greenback, euro and pound. They originally started in 2009 and were created as a 100% fiat currency, after a few short years, 10,000 bitcoins could buy 1 pizza. Now bitcoins trade for $1000 US$ making the original pizza purchase of 2010 valued at $10,000,000. 

With incredible growth and acceptance becoming prominent throughout North America you can now find bitcoin ATM'S and use them at casinos in Las Vegas, it appears to be the basis of a world changing event, similar to the Internet itself.

But wait, lets go back in History to see if these bubbles ever existed before. We would not have to go back that far to find a similar event such as the Dot Com Bubble where company stock values exploded from pennies to hundred of dollars, then declined from March 2000 to October 2002 losing over 5 Trillion Dollars.

Before this another famous bubble would be the Tulip Mania of 1637 where one tulip bulb cost the equivalent of 10 times a persons yearly salary. We can search through history and find that bubble mania recreates itself and sometimes follows by a bust.

So the big question is, are bitcoins going to become a valid currency to replace major currencies? If so, then $1000 would appear to be cheap, or will it die a quick death similar to Tulips and Dot coms. One thing for certain is wealth can be created in the most unusual ways, and pizza never goes out of favor.