It's interesting to think about whether the word "bubble" even has any conceptual meaning when applied to crypto.
A bubble means prices are historically high relative to fundamentals -- that the part of the price explained by speculation is much higher than usual.
But crypto has no fundamentals. Its price is determined entirely by speculation. It doesn't pay dividends or interest that you can model a price on.
So the idea of an "inflating crypto bubble" seems conceptually incoherent. Sure you can say that crypto is only bubble, but that doesn't really add any information. The bubble can't be "inflating" since there's no ratio to a non-bubble version.
A bubble means prices are historically high relative to fundamentals -- that the part of the price explained by speculation is much higher than usual.
But crypto has no fundamentals. Its price is determined entirely by speculation. It doesn't pay dividends or interest that you can model a price on.
So the idea of an "inflating crypto bubble" seems conceptually incoherent. Sure you can say that crypto is only bubble, but that doesn't really add any information. The bubble can't be "inflating" since there's no ratio to a non-bubble version.