Been hearing this argument that bitcoin is a bubble every since I involved myself in this community. I have heard so much from both side that I just totally ignored all of it. Bubble or not, bitcoin is here to stay and no one can stop it. Not even a country or a single person.
I personally think it is a bubble. The price cannot continue to rise indefinitely. It isn't possible.
I haven't seen any class assets for that matter that continue to grow and sustained it. Not in crypto or stock market. So I think that argument if flawed. Again, just call it anything you want. It's really getting tired arguing about it. If the bubble has been burst then wait for it to recovered and stand up and then whole argument starts again. Its a never ending discussion.