It's irrational but I believe you are right. See this comment for example: https://news.ycombinator.com/item?id=31356857

Maybe because its the best performing asset of the past decade? Just a guess

There’s undeniably a lot of plain stupid luck where some people bought, forgot, and now it’s worth millions. I feel like every asset has people who blindly love it (Tesla for example) and will insufferably spout their nonsense to anyone that’ll listen just to drive up the price of their favorite stock/crypto/whatever. I don’t think there’s anything we can do to avoid that.