[lottin]

Bitcoin has no earnings so I don't know how that could possibly work in the case of the bitcoin bubble.

[frankbreetz]

I think growth in value could be substituted for earnings in the case of something like Bitcoin or a stock without dividends

[lottin]

I don't think so, because we're using earnings precisely to assess if the observed increase in value is justified. Stocks without dividends are not a problem, because businesses always have earnings regardless of whether they distribute dividends or not.

[hiq]

I think OP was talking about a possible market bubble, not Bitcoin.