Bubbles do not raise the utility of the underlying asset - a house remains the same physical asset regardless of the price.

Contrarily, Bitcoin increases its utility as the price rises due to network effects.

higher price → more marketing → more adoption → higher price → etc.

Unlike a simple asset bubble mania, the more people begin using a medium of exchange - the more its utility rises and the more valuable it is in this function for its users.

-- an excerpt from the 2-minute version of Bitcoin Hypermonetization: Bubble Talk (2013), originally posted in https://www.2minutebitcoin.org/blog/bitcoin-hypermonetization-bubble-talk-2013