The question is though - what has changed since January? Granted, exposure has certainly increased - does that mean BTC is worth 6 times more, 7 months later?
Bitcoin is a revolutionary technology that is either worth hundreds of $billions or not much. During whole of its history it has been worth "not much" and dissecting the current price movements that (literally) I can create at will, does not lead us anywhere. It is simply too small. 99.9% of money managers have not taken any position yet. It goes to much higher or zero, and it is difficult for it to go to zero, (as well as it is difficult to shut down the internet).
The recent runup in price was an event I did not see many predicting. If it now goes to zero due to (for example) a concerted crackdown on all the exchanges, it does not alter my perception of the long term value. Nobody is forced to sell at zero. I work in gold/silver, and the crash in prices this year has lead to people not selling their scrap silver any more. In 2008 silver was valued officially at $9 per oz, but in 2.5 years it went up to $50.
This is a percentage game. You got a certain percent of coins, good.
