Everyone could get 1 million dollars loan from bank and purchase bitcoin and then they can get a guaranteed income during rest of their life. Unlike IT and housing, the spending on bitcoin is an investment like pension fond, but the return is much higher than pension fond
Since there will not be excessive supply like IT and housing, the bubble won't burst, it will just grow and grow and grow
Since there will not be excessive supply like IT and housing, the bubble won't burst, it will just grow and grow and grow
I am pretty sure there is a hole in that theory, but I am sure someone else can explain it better than I can.
Don't be so sure when it comes to something with limited supply
Historically, all the asset bubble bursted because of two reasons:
1. The supply of the asset will increase after the asset appreciated quickly (added supply of IT products and house for example)
2. At the same time the central bank tightened the money supply to prevent higher and higher inflation (otherwise the trust of fiat money will collapse)
But for bitcoin these 2 conditions won't met. The supply of coins will only decrease every 4 years, and if central bank tightened the money supply, all the other goods/services' price will drop much quicker than bitcoin (due to unlimited supply). So, before the central bank successfully spiked the bitcoin bubble, they would have already destroied the whole economy
Maybe I am misunderstanding you, but I am pretty sure "other goods/services" are not unlimited in supply.