The Bitcoin bubble could still be the result of government action even though Bitcoin is not a creature of government. For example, if China is preventing its citizens from moving money offshore that action could result in a Bitcoin bubble as Chinese citizens use Bitcoin to work around government restrictions. Now that China is clamping down, the bubble (if there is one) could pop.

The same thing has happened with Chinese buyers driving up the price of random short domain names.

https://qz.com/581248/chinas-latest-investment-craze-is-shor...