Perceived value is not always in addition to utility value. Assets can be both overvalued and undervalued. Fittingly, Warren Buffett called Bitcoin a bubble, and he made all his money by determining the value of assets/companies.

Claiming Bitcoin is in a bubble is to say that its price contains an excessively high proportion of perceived value, and that its utility value is very low, which, as a payment network, it is. Its transaction capacity is far too low and its fees are far too high. It's hard to say what Bitcoin's utility value is, but it certainly isn't $100 billion. I wouldn't even put it at $10 billion, 300k transactions/day (109,500,000/year) is effectively nothing when, just in the US, there are over 30 billion credit card transactions/year, constituting less than 20% of the total. Bitcoin could process 0.073% of ONLY US transactions, and in reality much less than that since most of the network is used to service speculators.

"BUT MUH DIGITAL STORE OF VALUE" every pure currency in the crypto space acts as a store of value as a fuction of adoption and use, except every single one of them functions better as a payment network than Bitcoin. Many people are already figuring that out, as Bitcoin's market dominance has collapsed this year.