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In my opinion the reason for the current amazing skyrocketing behavior is not because of the speculators (at least not only), but because more and more common people are getting to know about bitcoins and using it as an investment (also all the Russians who got their money out of Cyprus had to put it somewhere else… lol).
This is absolutely true. The more the value of BTC rises, the more press and attention it gets, the more people purchase bitcoins, the more the value rises, and the cycle repeats.