By bubble, I mean the commonly accepted notion of speculative financial bubble as used by the press, traders, financiers and economists. I am not so much interested in your definition of bubble, but rather how you would characterize the price action from January 1 to present, and how to profit from it.

Namely, could you recognize the next bubble when it comes? And if you did, what actions would you take? If you do not accept that prices will be lower after a bitcoin bubble collapse then how can you execute a sell-high, buy-back-low trade - you would not have the preconditions to make the trade!

You believe that the underlying bitcoin economy is growing very very rapidly. I believe that it is growing very rapidly. My belief allows for bubbles.