  Bitcoin represents one of the most interesting technological breakthroughs
and socio-economic experiments of the last decades. In this paper, we examine
the role of speculative bubbles in the process of Bitcoin's technological
adoption by analyzing its social dynamics. We trace Bitcoin's genesis and
dissect the nature of its techno-economic innovation. In particular, we present
an analysis of the techno-economic feedback loops that drive Bitcoin's price
and network effects. Based on our analysis of Bitcoin, we test and further
refine the Social Bubble Hypothesis, which holds that bubbles constitute an
essential component in the process of technological innovation. We argue that a
hierarchy of repeating and exponentially increasing series of bubbles and hype
cycles, which has occurred over the past decade since its inception, has
bootstrapped Bitcoin into existence.
