At this point crypto clearly isn't a bubble. And why would it be? Cryptographically secured money has some advantages over fiat money. This doesn't mean fiat will disappear and all crypto will succeed. But most fiat currencies haven't really "succeeded" either.
Money is a very "efficient" market in this sense because each individual can decide do you want to hold currency X or currency Y or currency Z? And there are pros and cons to each that lead to price discovery between currencies. And I think as time goes on it is becoming more and more apparent that many central banks do not take the management of their countries currency seriously and so people choose alternatives. This is what well-functioning markets look like. Consumer choice and incentives.
Money is a very "efficient" market in this sense because each individual can decide do you want to hold currency X or currency Y or currency Z? And there are pros and cons to each that lead to price discovery between currencies. And I think as time goes on it is becoming more and more apparent that many central banks do not take the management of their countries currency seriously and so people choose alternatives. This is what well-functioning markets look like. Consumer choice and incentives.