...and then gains most of it back over the next 3 days.

Bitcoin is volatile. The world doesn't know quite what to make of it yet. Is it a ponzi? Is it tulips? Is it a truly transformative technology?

I have my opinion. But no one knows for sure.

Sure we do. Its tulips. A thing with no objective value that gets bid up in 'bubbles' to astronomical 'values' in a bidding war.

It may serve some other societal purpose (Darwinism of the marketplace?) but its tulips for sure.