Most people still tag bitcoin as a bubble since they still don't get i or haven't studied it thoroughly--and honestly, even if they do, they'd still be unsure!
Considering how Bitcoin went up in value, it sure looks like a bubble. But, if you consider it went up one million fold in the past 7 years, there's no reason it can't go up one hundred fold again in the coming years.
My take is that the price will never stabilize until big merchants and names in the world economy starts using bitcoin for their enterprises.
If it ever stabilizes, it'll lose the inflow of fresh money caused by speculation. Just like most people don't buy dollars or pounds to speculate on a price increase, this phase will eventually end for Bitcoin too.
By then, the people who own some already are rich, and others will just earn it the way they earn fiat money now. Either way, the future potential is too big to risk
not getting in now.
Bitcoin itself is no fraud. It can't be, it's a technology that works. For the tulip comparison, it's like saying tulips are a fraud. That's impossible, they're just flowers!