I'm pretty sure the market that invests in crypto doesn't really care what JPM has to say. I'm also pretty sure that's why they're in crypto in the first place. If it has utility they can use or copy they will and their tune will change. Is it in a bubble? No idea, I do know this though ask 10 people about it and you'll get 9 1/2 blank stares. It'll be a bubble when your taxi driver or neighbor starts talking to you about it. Plus, Amazon, Google, Apple, eBay, they were all created during the dot.bomb bubble and I'd venture to the say the survivors stand to do fairly well.