For certain millennials, crypto-currency already seems to hold the role that gold does for certain baby boomers. I would expect that phenomenon to grow during a bear market.
Yeah there have been quantifiable "bubble bursts" multiple times.
It's like multiple, concussive "Stock and awe" campaigns where the price has plummeted by $600 per coin. Everytime that happens, the subreddit for /r/bitcoin posts the national suicide hotline and the price rallies in 4 months.