As with anyone, the price is dictated by what someone is willing to pay. I think the reason is pretty clear, although this is another form of fiat, it is not saturated yet. The finite amount and value for anonymity is what people value. People want to grow their wealth, not lose 2% a year in a savings account that is at 1% when the inflation rate is 3%. We are looking for honest money. Maybe this is it, maybe it isn't. Maybe it is an elite plot, I have no clue. I think that a lot of people are going to become very rich in the coming months from this. People will pay only what they think something is worth, thats why every shred of news in the crypto world has massive effects on other coins and the overall market cap.
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I don't think it's an elite plot. They would like to have control over every transaction. With cryptocurrecies they don't have it. For now 'bubble' situation is in status quo, my opinion because elite see that not to many people is using crypto, but when that number gets bigger they will try to do something with crypto.
I agree, there is no way they don't try to get their cut.