[tonyarkles]

Nominally I'd think it's because they can, theoretically, be exchanged for $1 USD. Practically that's not possible currently (by the sounds of it), but it's the same reason people don't go around selling $1 USD bills for $0.90 USD.

[aqme28]

But that hasn't actually been true since April. Are investors ~100% confident that it will be exchangeable again in the future?

[jgautsch]

Perhaps people aren't rational all the time.

https://en.wikipedia.org/wiki/Confirmation_bias#Persistence_...