I’d argue most of the run up in the last year is driven almost purely by price, with people embracing and then purveying the ‘Bitcoin story’ because it helps rationalize their decision and not because they necessarily understand or believe it.

The funny thing is how said people often then come to genuinely believe they believe or understand Bitcoin, when in reality they’ll scatter at the first sign of a major correction. In fact, increasing conviction about an outcome after a person has paid money to bet on it is a well studied cognitive bias.