Bitcoin has already surpassed many bubbles, from $30 down to $5, if you are expecting a sudden Bitcoin crash, well Bitcoin is not yet done at the top.
If token issuance looks like a claim on the future value of an enterprise, that is true. The problem is, among the scams that have emerged from what can be called the token-layer of the crypto hierarchy, investing in unproven applications (ideas) is the most prevalent.
Read more:
https://cryptodaily.co.uk/2017/11/icos-not-bitcoin-bubble/