A lot of it was new money entering the markets we are now at 227 billion which is up from previous highs of 210 billion. I think we are going to get rather close to 1 trillion overall by years end now shits just taking off and so much good positive test and trials to enter bitcoin into many new projects.
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If Bitcoin is worth 200k, why would nobody accept it as money? You are missing the point of the word "currency" in cryptocurrency.