One more comment. "If bitcoin is a bubble..."
I feel very strongly investment in BTC and crypto more generally will eventually reach a level that the term bubble could apply but all the "tulip mania" allegations and comparisons are way off base at the current time because BTC is only valued at $120 Billion, and crypto at 200 Billion. Look at the dot.com bubble, that was about 3 trillion when it burst.
That was about 20 years ago, so add inflation into the dollar value of that 3 trillion and perhaps a real bubble threshold for crypto might be 4-5 Trillion.
Imagine BTC with a market cap of even 25% of that theoretical "bubble" value, 21 million BTC divided by 1 trillion market value would make each coin worth $47,619 USD! If BTC holds its 50-60% market cap, then we are talking even higher numbers for BTC.
Well thought out, I think you are onto something there.