"Credit bubble? Yes, there can no longer be serious doubt about this: people bought Bitcoin with money that didn’t exist, pushing up the price of Bitcoin. A lot of people currently think they are richer than they are."
https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/
I'd be interested in reading a counter-take, most bitcoiners I know just look away.
The more macro stuff like worries about inflation due to the Fed printing $$$, easy money (0% interest rates), and yes, some FOMO speculation is increasing demand.
As far as I'm concerned this is working as intended. This is not the first boom / bust and this won't be the last.
e.g., https://twitter.com/whale_alert/status/1333809716301094912
I'm reminded of the example of the closing years of the Kuomintang in China, where they were suffering from massive hyperinflation. Small businesses and co-ops would bet temporary loans from the central government in its banknotes but immediately change it to silver if possible to do business with, so they wouldn't have to deal with the debasement of the real currency over the course of the year.