[Kadin]

> But why did bitcoin become popular with American's in the first place?

Because it looked like a get-rich-quick scheme, and Americans like those as much as anyone else. More, in some cases, because there is a lot of cultural baggage in the US around the idea of becoming not just comfortable, but fantastically, fuck-you wealthy, from nothing, by getting in on the ground floor of some expanding industry or company.

People went crazy for canal stocks in the 1790s, railroads in the 1840s, industrials and utilities in the 1920s, Nifty Fifty in the 70s... and more recently, of course, dot-com stocks and then real estate. Lot of people out there looking for the Next Big Thing.

Most people in the market don't give a shit about Bitcoin as anything other than a vehicle for speculation.