This has nothing to do with a bubble. The Chinese government is simply shutting down Bitcoin for all intents and purposes. Calling this a bubble would be like saying Silk Road is a bubble or Liberty Reserve was a bubble. They're things that once had value and no longer have value due to gov't intervention.
I feel bad for Matt Miller. He was doing bitcoin community a favor for his 12 days of bitcoin experiment and the noobs screwed it all up , manipulated by CCP.