People take risks if everyone else is doing the same - there is psychological safety in being part of the herd.
I bet if everyone was buying bitcoin but hardly anyone bought cars, people would fret and shy away from a $40,000 car as too risky.
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This is why people buy the highs too. Also, why I think that in the future, there are going to be people clamoring for one full bitcoin - just like they want a Porsche now.