In 20 years, Bitcoin will either be worth $0 or $350k. (Stability and history to become a safe-haven asset something like gold.)
People don't think that the network today is +17% more valuable, but rather that the chance of Bitcoin going to zero in the next 20 years is 17% less.
Institutional investors building positions in Bitcoin makes a strong case for long-term viability, because if the govt tries to mess with something in everyone's mutual fund, the financial lobbyists will push back strongly.
People read about bitcoin hitting new all time highs over the weekend, today their bank transfers to exchanges started to clear. So, what wasnt priced in was all the new money.
I'm not really taking a position on whether its a bubble or not, though. My gut says yes, but it also said so back when it was $5 (having risen rapidly from nothing to "break the dollar", then up 5x more pretty quickly).
People don't think that the network today is +17% more valuable, but rather that the chance of Bitcoin going to zero in the next 20 years is 17% less.
Institutional investors building positions in Bitcoin makes a strong case for long-term viability, because if the govt tries to mess with something in everyone's mutual fund, the financial lobbyists will push back strongly.