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I don't think that crypto currency is in a very big bubble right now, but I do believe that there's a incoming potential crash , and a lot of unaccounted for volatility in the retail and institutional markets. The feds want their cut, and we know very well what happens to businesses and markets that try to avoid giving them their share.
After all, the government is great at going after thieves...they hate competition
Specifically to this point, I believe that they're trying to build a perimeter system of sorts, to find and pursue people and businesses not declaring crypto taxes. For example the bounty on cracking monero, and the development of both banking and national CBDCs, is evidence of very large amounts of attention and resources being put into this area. They're very, very serious about making people pay up. The walls are closing in, faster than people believe, in my opinion. I do believe that, eventually, it will be good for crypto. But like the crash of 2017-2018, it's going to take a while to really get back to a good place, like we are right now.
