China initiated a ban on initial coin offerings, which caused crypto-currencies to stumble this week.

The actual ban language from China actually makes it seems like

it might be illegal for any crypto-currency exchanges or any transactions of crypto-currencies.

Most people don't think that it would be applied that way and enforced that way,

but the language is there that could allow that, and that is something definitely to watch.

Also this week, Nobel prize winner Robert Shiller, did an interview with Quartz,

and they ask him "What's the best sign of irrational exuberance?", "What is the most obvious sign of a bubble?".

And he says, "It has to be Bitcoin." And lots of people agree with Shiller.

They say there are signs everywhere that Bitcoin is a bubble.

Like the story about a lingerie tycoon who's selling luxury apartments in Dubai,

that can be purchased via Bitcoin, and is targeted at Bitcoin millionaires.

But these apartments have not yet been bought by any Bitcoin millionaires,

and don't actually have any connection to the Bitcoin community.

So you can't exactly point to it, and call it a sign of the Bitcoin bubble.

Right now it's just the first real estate development that we know of that accepts Bitcoin for payment,

which could actually be seen as a sign of the strength and potential staying power of Bitcoin.

When my daughter's preschool started accepting Bitcoin this year,

the head of the school said they were doing it because people were asking to pay in Bitcoin.

Transactions matter.

You literally can't become a real currency unless people will accept you in return for goods and services.

And that's the Bottom Line.