It can be seen as bubble as of today there is not some huge value tied to it. Yes you can buy things with bitcoin, but yet many companies that allow you to do this will exchange those bitcoins for fiat and thus they won't even look around bitcoin, they will organize their prices according to fiat. Which tells me that bitocins are not worth that much if it is tied to fiat very closely which is the case. Then what is true value? Well you can think of it and look that mostly 90% of people buy it as an investment. Investment in what? They want more money out of their money fast and easy = bubble.