The demand by others for bitcoins. That is exactly why gold is over $1200/ounce. Bitcoins are very similar to gold. If you understand why people pay so much for a yellow metal that sits in a safe and does nothing, then you will have your answer.
Excellent! Charles Ponzi himself decided to come to the forum. Welcome!
How exactly is gold like bitcoins?
What makes bitcoins more like gold than say like 2008 Oklahoma collectable quarters?