It ia very difficult for economics to explain the price rise of bitcoin other than call it a fad that has led to a demand supply imbalance and thus a high price. It is an evolving technology with a definite use case, both as a transactional currency on the internet and as a store of value as price rises with increased adoption.

Any economist, will always back and favour traditional money over a dencentralised currency. After all most central bankers are economists.

Bitcoin is currently a fad for less than 1% of the world population. Clearly, there are more people who trust banks and are not getting into crypto as they feel their money is more secure with a centralised counterparty.

A bubble that lasts forever, isnt really a bubble. Goes against the very definition of bubble.

Bitcoin will go to the moon. Adoption is inevitable and so are higher prices.