Yeah, Bitcoin isn't one I directly wish to hold because cashing out could be seriously difficult if it flash crashed hard. It's swings typically impact some of my holdings though, as bitcoin tends to be a bellwether of the broader crypto market in general.
The bubble talk is difficult though, because typical bubbles have been in commodities that have a truer hard value. For example the dot com bubble - valuations were astronomical, far higher than typical stock valuations based on revenue; a stock might trade at anywhere from 1-10x revenue, or even more, and I think stock bubbles tend to see companies valued grossly higher than even today's "probably too high" valuations for some stocks. We are sort of in an "app" bubble, where companies like Snap and the like are doing IPOs and reaching insane valuations when they haven't even turned a profit. That can't be directly compared to something like bitcoin, where there isn't any direct value basis. The oft-cited tulip mania isn't even directly comparable, because well, tulips can be planted and planted and planted, grown as much as you want. As soon as demand drops, you have a massive surplus. Cryptos can't just be grown like that, and in fact they are almost always going to be deflationary in the end, where new tokens aren't being generated at a significant rate. And these tokens, like BTC, are often "burned" too, so over time supply will certainly drop. Most of the tokens are destined to reach a point of zero new tokens being minted, while they will continue to see existing tokens burned, forever gone.
Now I'm not arguing that human emotions and hysteria won't be a factor, and there will be some insane price corrections over time, but generally if this is any kind of bubble, it's really the first of its kind, a whole new asset category.
As far as East Asia is concerned, those countries are just generally far more tech-obsessed than we'll ever be, and rapidly adopted cryptos for actual use far earlier. And some new very useful cryptos are typically launching over there because some are practically dividend-paying assets and even now the existing and potential regulations are less scarier than here in the US; the SEC has been vocalizing intent to disrupt any crypto that acts like a more normal investment vehicle (with dividends) unless they fully comply with all the standing regulations that exist for that market. In the end that'll be the only way forward I think, some regulation, but the launching party phase is trying to gain ground without regulations for now, which I think will work in the end if/when any regulations do come out in that region.
"What a time to be alive" is very fitting here, because one way or the other, we're going to learn a lot in the end and pave the way forward. Either all this will just blow over eventually, or will end up being the fin-tech revolution that has been promised since inception.