I'll consider that this isn't a game of musical chairs as soon as a non-trivial amount of BTC is used for anything other than speculation.

We've been in a massive credit bubble for well over a decade, we saw it wiggle a bit in 2008, but we're still deep in it. Just because these insane illusions are able to maintain themselves for absurdly long periods of time doesn't make them real.

What we've seen is capital desperately seeking to find a new source of value to exploit, perpetually failing to do so and getting ever more delirious in its search.