We have no idea when the music will stop (it could go to $500 or $1000!) but at some point there will be a moment when it ends in tears, and people will wonder why they paid 40% more for something than what it was selling at the day before.
Here's what's really fascinating and unique about the Bitcoin boom.
This isn't the first time we've seen a bubble in something in a privately created thing that's off traditional financial markets.
For example, in the early 2000s, there was a legitimate bubble in the stuffed animals called Beanie Babies. It's not clear why suddenly people started paying through the nose through them, and why whole industries were created around them, but it happened, and then they died.