Generate a Scary Idea

People are always accustomed to benchmarking against history, sometimes against the internet bubble of 2000, and then they see that Nvidia's price-to-earnings ratio isn't really that high.

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

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

If the third bubble in America is in the crypto space...

Then, are we currently in a state after the bubble? Has the bubble not arrived yet? Or is the bubble fermenting?

If the bubble has not yet arrived, or is still fermenting, how big will this bubble be?