These aren't mutually exclusive scenarios. Anecdotally I have friends who are investing in bitcoin because they've seen the price go up so much that they want i

These aren't mutually exclusive scenarios. Anecdotally I have friends who are investing in bitcoin because they've seen the price go up so much that they want in on the action. At the same time there are legit demand reasons for the price to go up (e.g. in Venezuela I think people use BTC because their currency is so unstable).