Bubbles, I'd argue, are a natural occurrence when the market tries to recalibrate at what price a new supply and demand equilibrium is and Bitcoin is no exception. But I doubt the next bubble will get as big percentage vise as the first since now people are a lot more cautious and prudent having already learnt a valuable and painful lesson.
i see a bright future
at one point bitcoin will become a standard (maybe as a MMORPG Currency, or something else), most speculators wont believe their luck at 12$ and cash out, shortly their after we'll see 13$, it will start to become obvious that bitcoin price is no longer speculative. speculators will continue to bet against the market... then Bang its hits the news "Bitcoin makes Africans rich". non believers will see the light. Every single online merchant will want to accept bitcoin, and because bitcoin is on the rise, they will offer discounts in bitcoin, suddenly the little people want to "try" buying stuff in bitcoin after all it cheaper, you buy your bitcoin and next week you have 10% more money... and merchants are giving 20-50% discounts when buying in bitcoin. at this point bitcoin is worth 1000$ each. bitcoin #2 is announced .... the new and improve block chain will mint it first block in 3 months... 3 months later all fiat money is abolished, private banks pay u
1% a year and all your funds are at all times assessable and 100% guaranteed against fraud, and all that jazz.
economics are slightly changed. no one cares about early adopters because everyone is just a little better off because Bankers no longer control the world!
hahaha i have a dream! The Bitcoin Dream