"The main reason why I don’t believe bitcoin is currently in a bubble is because the pool of potential investors is international."
The question to me is: is there something else to what they are thinking ignoring this fact alone?
I live in Europe and everyday I woke up during May I saw the price jump. The next big price move would be the next day. I was not thinking this crazy price movement was going to last, but it was clear where the source was: Asia. This is one reason to consider in the bullish case for Bitcoin. I buy a stock in my brokerage, the only ones cleared to own that are citizens, residents and funds who have access to the market. Bitcoin doesn't have this limitation and it in itself is in the intrinsic value proposition (hey, like gold!)
But still, is it in a bubble? It's not like there is a specific valuation you can point to, like for stocks. Can it crash? Yes it can and maybe the watershed moment of this year will be August 1st to which direction it will go in.