Being 2021, everything has to be that bit bigger than 2020. Even the price of bitcoin, which last week hit new highs and although it has come off from $40,000 per coin to $38,000 per coin, it is still a huge ramp up.
The real action is not in bitcoin, but the variety of other dodgy tokens that have been created in the crypto-world which are sometimes going up (and soon down) thousands of percent a week.
It really is the wild west, but bitcoin has been around for over 10 years now so we are used to it.
Why the ramp up then?
I can think of a few reasons, the biggest clear one is the huge use of the Federal Reserve balance sheet to create more money to aid the pandemic relief. This money has to go somewhere and it flows into assets. We see shares go higher, property, anything that is not cash. historically this would mean large levels of inflation, but with the economy destroying money very quickly on main street, official inflation remains low.
Bitcoin and brethren have become assets, as hedge as much as say Gold (also riding high, at near historic highs). Bitcoin itself is becoming ever hard to 'mine' so in a way it is increasing its own value - what a genius creation it has proved to be for creating its own success.
I think too, the whole QAnon type crowd who are very anti-reality have also flocked to something they see as anti-institutional.
For now, I don't yet see the big crash. The issue of a huge ramp and market crash, a la Tesla, is only a matter to time, but it feels to me there is a little further to go yet until there are no more buyers.