However, it is a bubble that is backed by the government. You can't call something like fiat currency a bubble, bubble is something that gets super expensive for no reason at all and than it goes down and I mean goes down like A LOT. For example, the most known bubble was tulipmania and in that the price of one tulip bulb went as high as houses and than it dropped to so low that you could buy a whole basket of it for couple dollars.

Now, fiat can't be like that, what do you think will happen, buy a house for 10 dollars but than house worths a billion dollars one day? No, 100 years ago houses were cheap and you could get one for couple hundred bucks but now it worths millions of dollars thats true, but it took 100 years, thats called inflation not a bubble.