For those who are surprised by this:

Bitcoin has shifted in the mind of investors from a currency to an “asset class”. What this means is that to investors it is more like gold than dollars.

Gold’s value is not linked with its usage in the industry or jewelry. Holding gold doesn’t yield interest. its value comes mostly from people scared of devaluation.

While the interest rates are still low and the economy is not doing great, it makes sense to diversify one’s cash in various “refuge” values.

That Bitcoin is becoming a refuge value while its volatility is still insanely high is somewhat weird. It mostly indicates that there are many cash-rich people/companies out there who dont really know what to do with it.