is bitcoin just a bubble ?

Bitcoin looks like it's heading towards a major crash. If it happens, crypto-millionaires will be hit hardest while governments move to regulate the cryptocurrency.

All the same, its worth wondering what could happen if bitcoin crashed. If, in other words, bitcoins price really was in a bubble, and the bubble popped whatever the reason (hack, state crack-down, market manipulation). How bad would that be? And how would it play out?

Most of bitcoins value is held by a few thousand very, very wealthy people who would simply become a bit less wealthy. I would expect no meaningful general impact.

Bitcoin itself may go back where it was born, among libertarians, crypto-enthusiasts, and darknet spelunkers. Or might be dethroned by another cryptocurrency, one less tainted by bubbly memories, and end up in digital purgatory. But it will not die.