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Bitcoin is not some promise of a future product. It is already here, it works, it survived hackers, viruses, bugs in core software, it is not attacked by anyone (FinCEN guidelines suggest you can do whatever you want with BTC unless you exchange for cash), number of services and merchants accepting BTC grows. Why shouldn't it grow exponentially after the fact it is proven to work?

Why should it grow exponentially after the fact it is proven to work?

Fixed that for you. Those reasons are all much older than this sudden jump in value. Even if they weren't old, there's no way they're pumping the value of Bitcoin by 500%. If something's too good to be true, it probably is.

Bubbles will pop and tend to revert to mean. The question for Bitcoin is, what's the mean? $1B is small potatoes in today's global economy. If the total market value for BTC is closer to $100B or more, then this is only the beginning of the upslope.

At the same time I am seeing a lot of adoption. Especially in international markets.

Oh for sure. That doesn't speak to its huge rice in price, though. People aren't going to switch to Bitcoins simply to buy things they would've just bought outright with real world currency, anyway. That's a hassle.