I don't think any investor saw this as anything else than a bubble, they just wanted to enjoy the ride up. I would go all-in in a bubble if I had the confidence someone would tap on my shoulder to let me know when it's going to crash. Investing requires discipline.
That isn't what they were saying at the time. Even level-headed forums like Hacker News had a lot of comments (gathering positive votes, although I suspect not all were organic) trying to describe with a wide-array of pseudo-science why Bitcoin was the king of a new world of inherently superior currencies.
Of course it was nonsense, as anyone who'd read about previous bubbles could tell you. But it was a mad time last December.
Yes, I am one of them. This is what, the fourth Bitcoin bubble that has burst? The December bubble bursting is no surprise for most level-headed folks that have been following this for a while -- just for the newbies making extremely risk bets at the top of the latest bubble.
Also, most of us are not deluded enough to think it going up to $100k+/BTC is a certainty; there are a number of reasons the larger BTC experiment/bubble could deflate for good one day. But there's also rational arguments for betting otherwise.
