After the initial bubble , it now seems fairly stable and growing slowly at a rate that resembles what one would expect from an inflation hedge. It would be nice if it was able to avoid another bubble, but I think it will still happen. As long as another bubble is purely a function of speculation and market size and not due to manipulation or other corruption, it will eventually build a track record for credibility. I think this the route every non-government linked currency has to take at first. The road to credibility is a long one but I'm confident that over time there will be some like Bitcoin that will get there.