My #1 reason is Bernanke's QE which creates bubbles in any thing that can be inflated. In fact, add Draghi, Abe, newcomer Carney, and all the other central bankers. They're all in a race to debase their currencies.

So it's not Bitcoin going up in my view, it's the dollar going down, plus too much printed fiat, which fills bubbles with hot air. And I would also think that Bitcoin is one of the things that can inflate beyond any expectation as there is no physical anchor to it.

If money supply was tight, people would not risk shit in bitcoins, or anything else for that matter. And please don't tell me that people are hungry and deprived, watch the price of commodities, stocks, and supermarket goods. Everywhere. Are they going down because people don't buy them anymore? I guess not. QED.

Everybody likes to speculate and find the hidden meaning of the latest price rally, conspiracies, hidden business plans, you name it. I believe that part of it is because everybody knows it's a very risky business, and as humans we want to try to find a rationale for getting involved in such a thing. None of the things mentioned in this thread or all the others which I have managed to read could justify such volatility, even if one takes into account the "instant" movement of Bitcoin currency for speculation purposes.

So, I would suggest that you sit down and enjoy it while it lasts, and not expect it to last forever. If you can't take the thrills of risky ventures, better get a salaried job. If you can, dive in, surf the wave, and when you go down with it, take it like a man.

My 2 cents worth