There's a famous saying in the cryptocurrency world: "Even the consensus of idiots is still consensus."
Bitcoin has 100 million holders, while Moutai (a famous Chinese liquor brand) only has 220,000.
Currently, Bitcoin's market capitalization is 10.8 trillion RMB, while Moutai's is 1.84 trillion RMB.
Based on this, Bitcoin is far from being a bubble.