What are your opinions of crypto being called a bubble?

Hi guys, 

I wanted to discuss what you guys think of the thought that crypto is a 'bubble' which is going to pop. I will explain my opinion over why crypto is not a 'bubble' And would like if you guys could comment your opinions. 

My opinion:

Internationally recognized currencies, such as USD and the EURO, have a state, oil and gold to backup the price of their currency. When you go to the store/mall to buy something, you usually pay with bills or coins. A coin/bill is tangible and has material value, so if the price goes down you still have the coins/bills which are still worth something. 

The reason why people call crypto a 'bubble' is because most coins are not backed up by a state, oil or gold and which could mean that the coins are vulnerable. By crypto the price is really determined by the demand. For example Bitcoins are really scarce, with 16.8 million in circulation and with a maximum market cap of 21 million, the demand skyrocketed and so did the price. But the price doesn't always go up, just take a look what a couple of days happened. You can compare Bitcoins or any other coin with real life money, the only difference is that Bitcoin's price is dependent of the demand of the coin. Money usually loses it's value if there is some sort of inflation and is not dependent on the demand of their currency, since the currency is being used in a country which means that it is being backed up by a state. If cryptocurrencies lose their value, they are completely useless. Since cryptocurrencies are only strings of code and documents, stored on your computer.

To determine if it is a bubble or not is hard, since you don't know the future. However I believe that it is not a bubble. The way we use crypto and the blockchain technology is revolutionary and could potentially change the world economy.

What are your opinions? 

My information may be a bit off, so if you could mention that it would be appreciated.

Kind regards,

encrypteduser