"Cheap money" implies people are taking on debt to buy bitcoin. I see no evidence of this. Real estate, on the other hand...

So your position is that the world is awash in cheap money but Bitcoin, with its stratospheric rise, is the one thing that isn't a beneficiary of this cheap money ?

Debt is given for student loans, and education has never been more expensive.

Cheap debt is given for housing with a mere 10% down becoming quite common, and housing has never been more expensive.

Debt is being used by companies to buy back stocks, and stocks have never been more expensive.

Loans are being given at 0% interest to buy cars, and cars have never been more expensive.

Banks only loan money for the above things because they are backed by, in the banks opinion, collateral.

Which banks are loaning money to buy bitcoin? My position is the amount of debt being used to purchase bitcoin is very small relative to the rest of the economy.

The effect of cheap money on Bitcoin is a second-order effect whereby people have access to money they wouldn't otherwise have, due to additional debt. It's similar to the effect witnessed during the run-up to the 2008 meltdown where people were refinancing their homes and cashing out (on-paper) equity to use for propping up their lifestyle or buying more real estate.

The point is that it is impossible to separate Bitcoin and it's fate from the greater economy. Cheap money fuels bubbles. Last time it was real estate, this time it looks like Bitcoin.

Sounds like you're arguing for another global financial crisis that isn't limited to cryptocurrencies.