Zitron might be right about there being a bubble, but he goes much further than that when he concludes that therefore it's a scam. So by his logic, because the invention of the Web also resulted in a bubble, the Web is a useless scam.
I think Michael Burry (from The Big Short) has a thesis vaguely similar to Zitron's, but with some crucial differences in detail - and Michael Burry is actually smart.
People had been calling a housing bubble since 2003. You quite literally need the market to do dumb things over a period of time before the bubble pops. Otherwise it’s not a bubble!
Actually making money on a bubble pop is another story and that does rely on timing. pointing at a history of failed market predictions as a gotcha is about as effective now as it would’ve been in 2003-2007 right up until the bubble popped
Right now it’s painfully obvious that there is a bubble, the circular financing is documented, the hype-driven valuations are real, it’s just a waiting game to see who holds the bag