The macroeconomic state in which asset value surpasses the real economy and easily loses the ability for sustainable development is the bubble economy. The bubble economy is often supported by a lot of speculation, and its essence is greed. To put it simply, in a loose monetary environment, asset prices deviated from the fundamentals, and then soared and plummeted. The bubble economy has repeatedly appeared in human history, such as the tulip mania in the Netherlands. Even now, many people think that the US stock market, Chinese real estate, and Bitcoin are the three major financial and economic bubbles. What do you think, do you think Bitcoin will become the biggest bubble economy in history?
Your question is totally justified and the arguments provided in the thread here why Bitcoin is "of course" not a bubble are quite weak. Of course, Bitcoin could be a bubble as much as Tesla cars could end up being a bubble market. Or houses, as we have seen in the past. A bubble doesn't make houses or cars go away and neither will it make Bitcoin go away. Tulips back then pretty much disappeared (from the investment landscape) because people realized that they are great to look at maybe, but that's it. Houses still give you shelter, cars bring you from A to B, and Bitcoin, the protocol, obviously allows you to keep a true ledger of facts on a global scale without any single entity being able to mess with the truth in any way. That has a lot of implications, many of which most likely aren't even known to us yet.
Again, Bitcoin the protocol may be extremely valuable, but who the heck is supposed to know how valuable? It can definitely end in a bubble, but even being in a bubble doesn't take away the protocol's ability to serve purposes that no other protocol could do in the past.
