Because it's not just a bubble. Bitcoin is, on a technological level, specifically designed to be an inflationary digital asset that primarily benefits the founders. Whatever utility it has as medium of exchange is incidental to its primary purpose which is to enrich the founders.

*deflationary

Disinflationary

Maybe bubble implies that the asset or resource has some actual value but the value was being over inflated.

Do cryptos have any real value?

Moving money around without an authority to stop you does have value. The question is whether that value is very high at all - in current society, probably not, and in a futuristic society I’d hope we’d develop trust mechanisms that don’t require the expense of total global order to move money/tokens/whatever around.

It’s an open question how the value of the infrastructure for doing this would be determined. Ideally the infrastructure would approach zero in cost and the value would be preserved for the participants in any transaction, not the rent-seeking hodlers.

Hodlers don’t extract rents.

Zero-point energy bubble.

Sure, there have been multiple bubbles. Always good to see the tulip posters keeping at it.