The director of Vailshire Capital Management, which manages client assets, Jeff Ross explained why Bitcoin cannot be called a bubble.

The only reason why Bitcoin has been rising over the past few months is because the monetary policy pursued by the US authorities has been shifting towards dovish [interest rate cuts]. That's all.
Holding Bitcoin for a long time does not provide diversification benefits. “It’s just another bubble,” wrote Robin Brooks, former chief economist at the Institute of International Finance.

Correlation between the change in Bitcoin price (black line) and the price of fed funds futures (blue) in a chart published by Brooks
The director of Vailshire Capital Management, which manages client assets, Jeff Ross explained why Bitcoin cannot be called a bubble. 
The only reason why Bitcoin has been rising over the past few months is because the monetary policy pursued by the US authorities has been shifting towards dovish [interest rate cuts]. That's all.
Holding Bitcoin for a long time does not provide diversification benefits. “It’s just another bubble,” wrote Robin Brooks, former chief economist at the Institute of International Finance.

Correlation between the change in Bitcoin price (black line) and the price of fed funds futures (blue) in a chart published by Brooks