One could say that we, at the current BTC price, are in a bubble. This is because of the huge price surge we have seen this year resulting from the peaking of interest from individuals and investment institutions alike. The recent China FUD and selloff at least partly highlights that many have a fundamental lack of belief in BTC and cryptos alike and therefore more serious fudding could poetentially harm Bitcoin and its crypto counterparts in the future.
To be honest I think we are probably heading into a bubble as I will explain below, but this still does not change my long term view of cryptos. Many have compared this year's price spike to the dotcom boom and then subsequent crash, however there are some fundamental differences in my opinion.
Bitcoin is in fact seeing mass adoption in countries such as Venezuela as well as rumours that it will start to be accepted by major eCommerce conglomerates such as Amazon. The dotcom bubble grew out of speculative or fad-based investing by those investors who were, to start with cautious, but gradually became reckless when the fear of missing out grew too strong for them, and of course many of these dotcom start ups never came to fruition, leaving trillions of dollars of investment to disappear with them. However with Bitcoin and other cryptos, there are clearly future growth possibilities for them and if big business/ whole countries were to adpot it, the demand for Bitcoin would soar and thus the price as well. I then cannot see it falling significantly unless some catastrophic event occurs which then causes countries/ businesses to dump the use of Bitcoin / whichever crypto is being most commonly used at that time.
Of course Bitcoin could be overvalued during this initial growth phrase but just bear that in mind when investing and get in early. If you're on Steemit you're early. Honestly I'm not sure Bitcoin is going to be the crypto of the future but it could be. HOLDLN mine for a long time.
-Kieran