Let's compare this to other 'speculative bubbles'.
Housing:
1930: $10,000 for a house? That's outrageous! The bubble will pop soon!
1980: $100,000 for a house? S&L is killing the housing market! It was stupid high!
2030: $1,000,000 for a house? Only a fool would buy a house! Renting is where it's at!
DOW
1930: $1,000 for the DOW? That's insane! There's a war on!
1960: $5,000 for the DOW? That's insane! We're about to be nuked!
2000: $11,000 for the DOW? That's insane! Y2K and the end is near!
2017: $23,000 for the DOW? That's insane! Donald Trump is president!
US Dollar
1930: $1 buys a meal for two people. Trust the dollar, it's STRONG!
1960: $1 buys a meal for one person. The US Dollar is the global standard!
2000: $1 buys two chocolate bars. Everyone trusts the US Dollar! We're printing more of it!
2017: $1 buys a box of mints. Bitcoin is a scam! Trust the dollar!
Please tell me again that Bitcoin as an innovator in the financial instruments space is something that should be ignored. This ignorance of the innovations that Bitcoin has put forward is just the same as the ignorance of the innovations of the early internet. I recall several prominent businessmen and journalists that predicted the death of companies such as Amazon, Facebook and Netflix and were all proven wrong.