Robinhood allowing easy, fractional purchases probably has a lot to do with it. That with the gambling nature, 10 million people playing with 1000 bucks each is a billion dollars.
All Bitcoin are not worth $50k each, but a Bitcoin is. Someone who can't afford to buy a Bitcoin, will buy 1/50th of a Bitcoin for $1000. That's affordable. Then they'll sell that 1/50th to the next guy for $2000. That prices a Bitcoin at $100k. Try to sell 1000's of coins at that price and the buyer pool will eventually dry up, prices will begin to go down, and all those white knuckle retail investors who can't afford to lose $1k dump and the price collapses. Millions of people each lose a grand here or there. Hedge funds sold long ago to those fractional buyers. Pump and dump 100%.
All Bitcoin are not worth $50k each, but a Bitcoin is. Someone who can't afford to buy a Bitcoin, will buy 1/50th of a Bitcoin for $1000. That's affordable. Then they'll sell that 1/50th to the next guy for $2000. That prices a Bitcoin at $100k. Try to sell 1000's of coins at that price and the buyer pool will eventually dry up, prices will begin to go down, and all those white knuckle retail investors who can't afford to lose $1k dump and the price collapses. Millions of people each lose a grand here or there. Hedge funds sold long ago to those fractional buyers. Pump and dump 100%.