I see this bubble analogy being banded about .

What makes anything a bubble ?

A bubble as I understand is something that is artificially pumped up with no real underlying market to support the bloated price ,so eventually the overinflated balloon has to burst and return to the underlying market price as made by the real economic market .

An example I have, Is the policy in the UK were the government has taken funding from all public services and reallocated it to give people loans so they can afford the 20% deposits they need to buy property .

The bubble in our housing market is caused by this artificial pump by our government ,Now we know the bubble will burst, when the government first remove this loan feature ,which they just have started to do, then the pin that will pop this particular bubble will come when after the next election they allow the artificially low interest to rise to their natural rate which will quite quickly be 6% ish.
Property prices will crash and all the people who overextended themselves by taking the government loan for deposit initiative .

The bubble will pop and the price of property will crash to the real market value which is :- (3 times average wages will equal the price of an average house). average wage currently, UK 30,000 = average house real price 90,000

The current average is around 200,000 pounds or around 7 times average income .,so obviously either wages rise to average 65,000 or house prices reduce to 90,000 natural supply demand and loan structure .

Government create bubble =keep interest rate at .5% artificially and loan people deposits allowing people to purchase what they cannot afford .

We can see this bubbly it is so obvious

Now given my example how does this relate to bitcoin .
From what I know there is no government or bank or any one individual or even group of individuals capable of creating artificial price increases ,there are high wealth people able to move price higher but it would not benefit any one ,it would benefit every single holder of any amount of bitcoin .

pyramid scheme = benefit a few not masses ,The opposite happens with bitcoin .
pump and dump = benefits a few ,the dump happens once and the few that benefit exit with fast profit . Bitcoin has had big highs over its 5 year existance and also large drops but this multiple highs lows eliminates this as a bubble since the dump reduces price to worthless and it never recovers leaving the masses with worthless holding ,since bitcoin is held by millions of individuals all over the globe using bubble beside bitcoin is becoming increasingly ludicrous .

My question is why would a highly publicised economist like schiff with a great reputation keep saying these things ,I would love him to explain how is it even possible to honestly with a straight face say these silly statements .

Millions can mine ,so millions own a part of bitcoin .
millions can buy ,so millions lose or gain from highs or lows
What small group of people would benefit if this was some elaborate scheme ?
The merchants accepting bitcoin is growing daily providing a base market value .
The only thing that can send bitcoin to worthless is a major flaw in the protocol everything else sends it higher ,surely there is no were for a scheme to be had from bitcoin ?