Bitcoin isn't a bubble. Bubbles aren't just technologies that are controversial which some people hype up.
Bubbles are purely about investment behavior, whether the tech works or not. It's an investment environment where businesses are propped up by investor funds and they're not profitable, and they keep growing and growing because people keep unsustainably investing in them, until the money runs out and then the businesses sometimes close overnight like WebVan did, because they couldnt afford literal payroll anymore.
Lots of startups will be in the red for a bit but these companies take it to the extreme. Pets.com was shipping petfood at below cost. OpenAI and Anthropic are basically selling tokens below cost. They're competing for data and not profitable.
They invested a trillion dollars into AI and plan a trillion more in 2027. The US economy is basically propping this up. This is not at all like the crypto shit. I'm sure there were a few small crypto companies that collapsed overnight after a few specific investors realize they were being scammed, but that's not what a bubble is. This is all the investors suddenly realizing AI isn't worth it at once or just not having the funds to keep pumping it up.
Bitcoin didn't go away, even if there were small over hyped bullshit crypto businesses. The internet sure as fuck didn't go away even though the dot com bubble was real as hell. AI won't necessarily go away either but we will face economic hell when they stop investing in it like it's the next industrial age.