It's obviously a bubble, just stop and think about it for a moment. P2P payments over the internet clearly have some utility, but the quantity of bitcoins owned

It's obviously a bubble, just stop and think about it for a moment. P2P payments over the internet clearly have some utility, but the quantity of bitcoins owned has no relationship to its utility, thus, the incredible rise in price can be attributed almost entirely to speculation. The masses don't care about P2P payments (at least not as far as that concept might relate to cryptocurrency), they are engaged in a FOMO reaction to constant hype and the false narrative that bitcoin is going to be the future of money. It's not as if all these new bitcoin buyers are going to engage in some kind of novel economic activity or wealth creation, they are just going to hodl till they're ready to cash out. Certainly, it is clear that bitcoin's rise in price does not track with any sort of uptick in commercial activity by the masses... really, every sign points to a bubble.