Or it was people sensing the danger of this bubble brewing.
Oh yeah I believe it will crash, but not for a while.
On what do you base the "while"?
These days, many people don't really "invest" anymore in the sense that investing used to be putting capitol towards an entity that gained real economic growth and expansion. Even corporations don't "re-invest" - they simply buy back their own stock. In fact, that is what most are going to do with the tax cut they are getting.
Today, "investing" is much more akin to gambling.
Bitcoin is the gamble that paid off - for many. Big time. It is the lottery scratch ticket that won.
But it is also now a pyramid scheme.
"Bitcoin has not been combat tested in a business cycle. We have not had a recession or a financial crisis since 2009. I call it a Ponzi with no one in charge. There's no Madoff, but it's working that way."
James Rickards