When has there ever been something that everyone thought was a bubble but wasn't?

"The growth of the Internet will slow drastically, as the flaw in 'Metcalfe's law'–which states that the number of potential connections in a network is proportional to the square of the number of participants–becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's."

-Paul Krugman, 1998

The first railway mania (England 1830s).

The pricing of the railways was completely insane compared to any reasonable business projections. Everyone was saying that there was a financial bubble (they were well aware of the Dutch tulip mania) as more railways were built with ever more insane valuations, all designed to be repackaged into shares to be sold onto the next fool.

Punchline: because the trains had to stop to pick up coal and water along the way, the railway operators discovered that most of their business wasn't coming from end-to-end journeys between big locations (which was what the railways were built to do), but instead from people getting on and off at stops along the way. With this sudden extra source of income, the railways returned quite a healthy return to their investors.

Google. Facebook. Amazon. Big Tech in general.

Everyone called it a bubble until they started making shit loads of money.

I don't know. I am just echoing a sentiment which is going around.

The way I see it is not many of the articles talk about the economic perspective of bitcoin and rather dismissive of the whole point of bitcoin. It helps no one but reinforces the support.