Say something scary

People always tend to benchmark against history, sometimes against the internet bubble of 2000, and then see that Nvidia's price-to-earnings ratio isn't actually that high.

Then they benchmark against the subprime mortgage crisis, and it seems that real estate and such don't have a bubble either, and there's no leverage on leverage.

Is there a possibility that the bubble everyone is looking for is in the crypto space?

If this third bubble is indeed in the crypto space... then are we currently in a post-bubble phase? Has the bubble not yet arrived? Or is the bubble in the process of fermentation?