IMO, it is a bubble. However, it is very hard to say when the bubble will burst though. Remember in 1998, we had the famous "exuberance" talk from Alan Greenspan regarding tech stocks? The market went up another 2 years before it crashed.
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I think this is a great comment on the bubble theory. Its a good watch for sure.
My two cents, the bitcoin bubble may come quicker than the Internet. The internet has evolved into many different forms, like the social network and e-commercial, which help it get over the bubble era. However, bitcoin only a currency, it couldn't provide more than a currency can do. That's limit its future.
Just a currency? The thing that literally runs the entire planet? An unhackable, transparent, open source, worldwide, incorruptible currency... what is your perceived value cap here?