There's an interesting psychological effect there. Maybe before people buy it, the idea of it being a bubble is first and foremost in their mind. After they buy

There's an interesting psychological effect there. Maybe before people buy it, the idea of it being a bubble is first and foremost in their mind. After they buy some, and they see it make them money, it's probably not a big concern for them anymore. Once they've convinced themselves that it's a valuable investment and have purchased multiple times, the very idea that it could be a bubble is something they will be purposefully be blocking out to keep their view of themselves as rational actors intact. So you'd probably be surprised how many people will very quickly refuse or mock the idea that Bitcoin could be a bubble. This is especially so if people do the usual thing and actually merge the idea of being a 'Bitcoin investor' into their own personal self image. At that point, all bets are off, and a Bitcoin crash can quickly become a suicide event. It's why we have laws around investments and gambling to try and protect people.