I think fiat money is not a bubble because they have back up by the government, and the government will do their best to protect their currency. As long as the government can control their fiat and they have huge money to protect, it won't be a problem and fiat will still stable. I don't have any idea of fiat money is a bubble or not because fiat money is different than gold and bitcoin, although they have the same purposes to help people.
Even though fiat currencies have been dominating all over the world for past many years, I think its time that now is the time that this currency will slowly be eliminated for the digital currencies.
Gold cannot replace the fiat currencies but bitcoin will completely replace the fiat one day.