It's only a bubble if it's going up and they don't own enough of it, or any at all.
They only call things bubbles when they have a hard time understanding why prices are doing what they're doing.
As someone who studies human behavior every single day, I can tell you with a high degree of confidence that 99.9% of people who call things bubbles haven't actually done any of the work required to determine whether something is in a bubble or not.
And that's the key thing here.
There is a huge arbitrage between the people who put in the work, and actually take the time to analyze markets using real data, and those who are too busy doing other things to truly have an honest opinion about whether a particular period of time is, in fact, a bubble.
Bubbles, as those of us with common sense know, are incredibly rare, by definition.
So when someone calls something a bubble, they are almost certainly wrong about that, or in most cases, just making it up because they don't know how else to describe certain market behaviors that they can't wrap their heads around.
Bitcoin, for example, just broke out to new all-time highs this week. It comes after 3 years of no progress.
Not only is this market NOT a bubble, the weight of the evidence is pointing to this being just the beginning of a new trend.