I think the main reason why people get into crypto and hold crypto is because they believe it's value will be higher in the future than it is now. Nobody really turns fiat into crypto because crypto is more handy.. yet anyway. It's all speculative on a higher future price. Therefore yes, in a way it is a bubble. But no moreso than us putting significant faith in the value of a lousy metal called gold, or the paper bills we hold in our hands. It's only a bubble if it bursts, otherwise it's a revolution.
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Yes I mean I agree, at some point all asset classes end up in bubble territory. I just don't think we are nowhere near that -- seeing that less than 2% of the investment class even owns it and less than 0.05% of the world's pop even knows about it. Good response though - Upvoted!
Thanks!
Yes I truly believe it all has to do with whichever asset people believe has value. When you look at crypto this becomes obvious as Bitcoin is the most valuable yet there are identical, and improved versions of it that are 'worthless'. The only reason is people believe in Bitcoin and not in some other coin (or atleast not as much).
What I really think is going to happen is that no coin will remain 'the' standard in the future. I think we're going to have to get used to living in a speculative economy for the duration, with no certainties. Bitcoin's dominance will continue to be challenged and perhaps someday surpassed.. it all depends on where people's beliefs shift to.