What are the reasons behind Bitcoin being so strong?

[vs2014]

The biggest strength of Bitcoin is its decentralized system as well as its limited supply what can't exceed a limit of 21M coins. Moreover users can individually control their funds without depending on bank or others. Institutional adoption can help to increase bitcoin price but if large amount of bitcoin own a few companies then it may affect the decentralization system.

Besides independent miners, full node operators as well as developers plays vital role behind ensuring the security. However those factors can't alone guarantee the bitcoin future because firstly it's important how widely people adopt and treat bitcoin.

[MainIbem]

...

The price of Bitcoin been increasing can't be the strength of Bitcoin, neither the structure of bitcoin...You can proudly say that, the strength of Bitcoin is due to it's a decentralized network, government and any other sector doesn't have power over bitcoin...

Bitcoin is digital asset which deals with its own privacy..it works without a central authority, so it' independent of itself, so all this things you mentioned, especially the two points i quoted, are not the things that makes Bitcoin to have it's strength...

You're right about decentralization, but it can't be the only factor that strengthens Bitcoin, it also gains value overtime which is why many people adopt it, so that factor can't be overlooked, which is why yoi should also acknowledge the fixed supply and demand/supply dynamics. Decentralization makes Bitcoin unique and secure from the control of any government or entity but scarcity and demand contributes to it's value so you can't talk about decentralization and disregard that.

[tread93]

Bitcoin biggest strength in my opinion is the fact that it's the closest thing we have to a decentralised money.
Other thing have remained the same because of this
Whether it's it limited supply or the fact it's pseudonymous.

Yes, there may come a time in the future when Bitcoin will be valued in the digital economy in the same way that gold is   

FTFY.

On the one hand, large institutions, ETFs and treasury companies are increasing the liquidity and adoption of Bitcoin, on the other hand, ordinary investors are able to have more confidence in Bitcoin, due to which institutional adoption of Bitcoin is making Bitcoin stronger.

And despite their increase in adoption and supposed increase in price
They introduce the risk of paper Bitcoin
Which in a way contradicts on the bitcoin being an asset with limited supply.

Yes the paper bitcoin via ETFs does contradict the intent of bitcoin but it also helps increase the confidence and reassurance of the investment to the investor and to the skeptic of bitcoin. The adoption and current relative strength of bitcoin in my opinion is largely attributed to the large share of corporate holdings of real bitcoin and also the large inflows from ETFs.

[Pandu Geddon]

However those factors can't alone guarantee the bitcoin future because firstly it's important how widely people adopt and treat bitcoin.

Adoption can increase when there is trust in Bitcoin. We can see people who were part of the early Bitcoin holders. Of course, they faced the issue of believing that Bitcoin could become a very valuable asset. Surely there are more people who do not believe, but with Bitcoin's current situation, I think it is not difficult to make people trust Bitcoin more. Whether from the advantages of decentralization or the benefits of investing and trading.

[bitcoin-shark]

Regardless of whether its value is high or low, Bitcoin remains robust thanks to the entire infrastructure behind it; even though it is not completely anonymous, its transactions are difficult to block, and it offers detachment from the banking system as well as financial independence.