to the OP
bitcoin infrastructure: meaning merchant adoption, business growth, user adoption is not a bubble
but if your only talking about the "market cap", then that is a bubble
the market cap is a empty wall with no substance holding it up.
there are not billions of dollar just sat in bank accounts to ensure the market cap value holds.
its like housing. even though the average house might value at say $280,000*.. this does not mean that a housing market of 16mill houses is worth
$4,48trill*.
the $4.48trill* market cap of housing is a housing bubble. because if everyone tried to sell their house for an average of $280,000* there is no real $$ to cover every purchase. if everyone tried to, the bubble would burst!!
so stop talking about 'market caps' as that's a meaningless bubble number.
if you care about real value. look for metrics like:
merchant adoption
user adoption
business utility
basically the real strengths of an economy, which all currently point to having bitcoin at the top and having good value and longevity.
again if talking about value do not mention 'market cap'
*number picked for demo purpose only, dont be anal and knit pick its inaccuracy