Great report. It's very interesting to note that so often what is a bubble is ignored or not presented as a bubble (fiat money, real estate, student loans, subprime car loans), but what is NOT a bubble is presented as a bubble (cryptocurrencies).

I tend to believe that cryptos are currently far undervalued, and that their prices will continue to increase as this value is "discovered."

For the first few years of bitcoin's existence, it was a long slow climb to a semi-respectable price. Since then, it has continued to "grow" for the sole reason that there is room for growth – in terms of adoption and in terms of establishment of infrastructure.

Since the price is now high, relative to where it was a year ago, people jump to the conclusion that it's a bubble. By that measure, there are definitely worse bubbles than cryptos. Stocks, bonds, and more are the real bubbles.

Also, when bubbles burst, they crash and create havoc, at least for that particular asset. Bitcoin and other cryptos have corrected numerous times, but they have never crashed.

The reason? They have never been in a bubble. Same holds true now.