What is a bubble? """ An economic bubble or asset bubble (...) is trade in an asset at a price or price range that strongly exceeds the asset's intrinsic value

What is a bubble? """ An economic bubble or asset bubble (...) is trade in an asset at a price or price range that strongly exceeds the asset's intrinsic value. """ from wikipedia https://en.wikipedia.org/wiki/Economic_bubble https://en.wikipedia.org/wiki/Economic_bubble What is intrinsic value of Bitcoin? There is none. But it is the same with dollars actually, yes if you live in the US then you can pay taxes with it, but you mostly pay taxes only after you earn dollars. And then the same with gold - the intrinsic value of gold as a technical material or for jewellery is probably a small fraction of its current market value. I tend to think that being in a bubble is a defining feature of money - people want it not for its value - but because they believe they'll later exchange it for something valuable. Money is a perpetual bubble, a bubble that does not pop. I am not sure if there is a place for thousands of inflated bubbles. There is too much friction in such a system - you never know if the seller will accept your coins. Not all cryptotokens are money - some are just securities with an intrinsic value - for example https://zrcoin.io/ https://zrcoin.io/ which is backed by a promise to buy it back for the market price of 1kg of ZrO2.