> Governments don't create bubbles. Human nature does.

And yet, OP just provided evidence of a case where, previously, we assumed a specific asset bubble was caused by "human nature", but in fact it looks like it was created through the government inadvertently creating risk-free speculation in options contracts for this very asset.

If you’ve been in bitcoin long enough you’ve seen several boom/bust cycles, so it would hardly be surprising. And it’s auite unpredictable. Suppose the US enacted laws similar to what China just did, it could cause a crash. But I still thing they will always have some value.