Great article. It depends how you frame it, which I think you eloquently put. However, bubbles are all about hype and making headlines, so the term becomes meaningless as BTC does whatever it wants, right? Traction among asset classes gains as more people begin to trade it, thus a framework is formed around the underlying to determine its value. BTC, unknown at $.06, is now $14680 on /XBTF8 on light volume as I write this. Light volume means that there aren't a lot of people exchanging contracts, which inhibits a meaningful marketplace and price discovery due to liquidity problems. As such, we don't know what the price should be, only what it is today placed in a developing framework that will bear out in the coming months and potentially years. The point is this. Price comparisons do not themselves indicate bubbles. Relative value indicates value and until recently there was nothing to compare BTC against except USD and alts because it wasn't getting traded against anything. Time will tell if it's in a bubble or not, but I think there's a few things that'll have to come to pass first. I just wrote an article on this if you want to check it out. Again great article! Thanks for sharing! Love your posts.