It's not a bubble because bubbles need a reason to pop. People who bought Bitcoin or other cryptocurrencies have no misconceptions about what they bought. It's

It's not a bubble because bubbles need a reason to pop. People who bought Bitcoin or other cryptocurrencies have no misconceptions about what they bought. It's a scarcity-driven store of value just like gold or silver. Crypto feeds on opportunity asymmetries and financial asymmetries in society. There are people in our society who can earn millions of dollars without lifting a finger, while others have to struggle the extreme just to make ends meet. Is a dollar worth the same to both of these people? No. A dollar is worth much more to someone who has to struggle to earn it. If you get a passive fiat income for free, then your dollar is worth hardly anything because it didn't cost you anything to get it... If there was once a struggle, then it is likely far behind you. If a human gets a lot of anything for free and they can't figure out a good use for it, then it's basically trash to them. They may as well put it into crypto, gold, silver or other scarce assets which are known to soak up other people's surplus fiat currency. The fact that crypto is a store of surplus currency is what makes it much more valuable and resilient than stocks.