Those people are not wrong at all. It's just that it's very hard to predict where this is going.
Those people are right in the sense that, based on history, the whole phenomenon has much in common with a speculative bubble.
As speculative bubbles, during the happening, you don't know where it's going.
Don't forget that bitcoins right now have little intrinsic value. If somebody today decides to spend them for purchases, they have very few or no options.
If it is a speculative bubble, then it's a risky game of assessing when it will explode.
Even if it's not going to be a speculative bubble, the price may still fall considerably before stabilizing.
Those people are right in the sense that, based on history, the whole phenomenon has much in common with a speculative bubble. As speculative bubbles, during the happening, you don't know where it's going.
Don't forget that bitcoins right now have little intrinsic value. If somebody today decides to spend them for purchases, they have very few or no options.
If it is a speculative bubble, then it's a risky game of assessing when it will explode. Even if it's not going to be a speculative bubble, the price may still fall considerably before stabilizing.