The fundamental high price of luxury goods and bitcoin is similar.

[twolifeinexile]

Simply put, people do not care!
No matter how much enthusiasm of bitcoin , I double anyone have significant portion of his assets in bitcoins. (You maybe 100% cash in, but your house, your 401k, your brokerage accounts are denominated in dollars).
If this is a bet someone can tolerate a loss and does not need it to spend (as most people say here, "saving"), then a simple higher price will not persuade them to sell, until they are so high that this insignificant part of the investment become significant.

[Foxpup]

No matter how much enthusiasm of bitcoin , I double anyone have significant portion of his assets in bitcoins.

I do, and so do a lot of other people here.

(You maybe 100% cash in, but your house, your 401k, your brokerage accounts are denominated in dollars).

Really? I always thought real estate was denominated in square feet. Next you'll be telling us that gold isn't denominated in ounces and oil isn't denominated in barrels.

If this is a bet someone can tolerate a loss and does not need it to spend (as most people say here, "saving"), then a simple higher price will not persuade them to sell, until they are so high that this insignificant part of the investment become significant.

Um, yeah. And then they sell because... wait for it... the price is too high for comfort. What's your point?