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...albeit just as un-backed as any other...

This is what confuses me. At least “fiat” currency is backed by nations (with guns) that want to ensure their currency is somewhat stable.

I wonder if what we are seeing is big players going “all in” to keep the value of bitcoin high. And when even they run out of steam, what then?

The value of all of these “currencies” is by Fiat— not the cars, the Latin term=== for “let it be so” as a declaration of those in power (the motto somewhere of “Fiat Lux” Let there be light.)

For all anyone can fathom— it appears the digital currency is backed by petroleum (and all the economy that devolves from it’s production). Of course the oldest backing is gold and silver in history— being in “just enough supply”. Platinum is worth more but not as extant.

To me the use of bitcoin is parallel to the mortgage backed securities mathematical algorithm the banks developed to counter the loans to to “poor’ that was forced on them by the lib fedgov.... “free” money... isn’t and wasn’t. The securities were really worthless- because the loans were never able to be paid at any interest.

Margin Call— a movie that still terrifies. And, btw, they are still loaning and doing this... right now. The bank of resort is no longer ANY private bank— it is fedgov agencies Fannie mae and Freddy mac. Total Ponzi.

"I wonder if what we are seeing is big players going “all in” to keep the value of bitcoin high. And when even they run out of steam, what then?"

Bitcoin is high because of an old economic law called supply and demand. The supply of Bitcoin is fixed at about 21 million. When there is significant global demand for something limited to 21 million the price is going to get really high.