I believe it's all memetics and it will crash soon.
It will stabilize at 800$ come summer.
Source: my intuition
I've read most people are simply buying for speculative reasons and not for actual use. That plus Japan recently recognizing it, along with some demand in Asia where exchange rates between currencies can be a real pain is probably all helping drive the price up.
Investment hot take: Don't buy BTC we are in a bubble that will burst at likely in the near future. When that does happen get ready to buy if you want to make some easy money long term. If you have money in BTC, depending on when you bought/acquired it, I'd consider selling that before it's worthless.
Follow the news
Windows ransomware and other data ransom
hot take: the economic follies inherent in the fundamental nature of BTC are well-documented and somehow worse than regular capitalism
Marxist-Laininist revolution when?
in what way is the BTC market not regular capitalism?
Regular capitalism is not unregulated
by which I mean, the way things work right now, with fiat currency backed by national banks and fractional reserve and whatnot
So old news but it seems the whole drive was nothing but a massive P&D, probably by the finex assholes using tether which ironically its tethered to literally nothing of value